Original Message:
Is it ethical for a Hyatt High Sierra Lodge HOA board member to profit from a foreclosure? (by Beverly H.):
The Hyatt High Sierra Lodge used to post their foreclosure listings in the lobby - my friend bought her timeshare thru a foreclosure sale last year at a great price. Over the last few months, she and I stayed at the resort and inquired about foreclosure sales; we were told that there wasn't any sales notices, so we assumed that meant no foreclosures. My friend then found out through another acquaintance that there were in fact two foreclosure sales, one occurring in August and one in September. Being a realtor, he was able to access the court web site to see what those units sold for and SURPRISE! - a Hyatt High Sierra Lodge HOA BOARD MEMBER had bought all four units at the minimum price; these included a high end diamond week, a gold week and three silver weeks, all for under $2,000 each. Those units now appear to be for sale through the HOA exclusive broker for the High Sierra Lodge. So, my question: is it ethical to with-hold information about foreclosure sales from the resort owners while a HOA board member is able to use that information to attend the foreclosure sale; purchase units, list them with the broker for the resort and make a profit for himself? How is that in the best interests of the timeshare owners? If you own at the Hyatt High Sierra Lodge, voice your concern at the next board meeting on September 20th.