Quote:
Originally Posted by Rainger99
Does anyone know how the price is determined? Do both sides have somewhat equal bargaining power?
What happens if they can’t agree on a price?
|
The process about 5 years ago when the developer sold the amenities in the Soulliere and Phillips villas to the Village Center CDD. Both sides hired appraisal companies. When the appraisers had done their thing (assessed the values of the properties as well as the amenity contracts that were part of the deal), the following was agreed to ahead of time:
* If the appraisals agree, we are done.
* If the appraisals are within 5% of each other, lower appraisal wins.
* If the appraisals are more than 5% but otherwise within 10%, split the difference.
* If over 10% I don't recall if it was go to mediation (bring in a third party), walk away, or start over.