Oregon  |  Real Estate Law

Legal Question

Asked on: 9/14/13, 3:29 pm

(State of Oregon) I own a condominium that I purchased just before the downturn and when the unit was purchased, we were explicitly told that it must be our primary residence and not used as a rental. I, along with virtually all of my homeowner neighbors, all bought in our complex exactly FOR this reason and the contract language pertaining to renting is explicitly outlined in our loan documents. Our complex happens to be very near a community college and following the housing market crash, the developer rented out all of the remaining vacant units, which constitutes the majority of the complex. Consequently, I now live in an 850 square foot, glorified college dormitory unit for which I just happened to pay $224,900, and I've been dealing with the ridiculous decorum, ill manners, lack of courtesy, etc. that comes along with a population of community college students. I certainly did not pay this amount of money to deal with this kind of garbage and I'm now fed up. Do I have any recourse of action? Is the developer in breech of contract? Additionally, when I refinanced, the appraisal came back at $87,000 and most recently a neighbor received an appraisal in the $115,000 range, therefore simply selling and moving isn't an option. Any suggestions, guidance, or insight is greatly appreciated. Thank you in advance.

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