My question is in reference to lot owners that purchased their house with the knowledge that we would be part of a owner occupied development with 132 homes. Halfway through building and 60 owners purchased later, the builder changed and made the decision to make those homes rental property. The owners were never told about this and when asked, we was getting the run around. What can we do about this? At this point, we are now a rental community and we didn’t get the option to understand what is happening to my community/home. My property value maybe at risk due to this situation.
Was there a homeowners association established by the developer when you first purchased your home? Was there ever any agreement that you signed with the developer stating that all homes would be owner-occupied homes? If there is an HOA, then it would be wise to check the governing documents of the HOA to see if the developer can change course halfway through development. Check the articles of incorporation, bylaws, and CC&Rs. The articles may dictate the purpose of the HOA. For further guidance, it is best to seek help from a lawyer.
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