What is this called?

User Forum Topic
Submitted by sd_matt on July 3, 2008 - 8:23pm

Hypothetical

A newly built condo complex has trouble selling its remaining half of its units, or they are foreclosed, NODs, ect. HOAs are being stacked on the remaining owners ect...

A group of, lets say, 10 investors decides to buy the vacant and distressed condos, but only for a certain per unit price and that price is contingent on all those investors participating. They do not pool their money and each investor secures personal financing. Control of the deal on the investor side is NOT under the control of one person.

Is there a name for this?