Town Square Commercial Property Update

It appears that the Somersett Owners Association is now $311K richer (minus unknown fees). This as a result of the sale of their interest in the lien against the owner (Saemaul Investments, LLC.) of the Town Square building housing the Sakana Sushi restaurant (also owned by Saemaul Investments). A timeline of events culminating in the sale follows:

 

  • in June of 2019, the SOA filed a “NOTICE OF DELINQUENT ASSESSMENT AND CLAIM OF LIEN” (Washoe County Document # 4922405-1) against Saemaul Investments due to their being approximately $20K in arears of their SOA assessment payments.
  • In November 2019, a “NOTICE OF DEFAULT AND ELECTION TO SELL” (Washoe County Document # 4977863-1) was filed against Saemaul Investments due to their continued default of SOA assessment payments, which now totaled approximately $55K.
  • In March 2010 a “NOTICE OF HOMEOWNERS ASSOCIATION SALE” (Washoe County Document # 5009415-1) was filed advising Saemaul Investments their property would be sold at public auction if their obligation was not paid. The assessment lien at that time being approximately $67K plus late charges, interest, fees and expenses.
  • In April 2020, being no satisfaction of the lien obligation, a “CERTIFICATE OF SALE” (Washoe County Document # 5019115-1) was accomplished with Champery Rental REO, LLC as the purchaser of the property. Purchase price was $311K.

The CERTIFICATE OF SALE allows the Owner to redeem the property within 60 days by repaying the $311K plus interest and other potential liabilities. However, there is no impact on the SOA in this regard. This is strictly between Champery Rental REO and Saemaul Investments.

So what happens with the property now? How do REO (Real Estate Owned) entities operate? Perhaps there is a knowledgeable foreclosure realtor amongst our readers who would care to comment.

Also, has the SOA determined what they are going to do with the $311K? Perhaps a Board member (I know some of them read this blog) would care to comment.

If any or our readers are interested in the legal details, the documents referenced above may be accessed by clicking on them. Also, a review of the clouded history behind the Town Square commercial buildings is available via our previous post of December 10, 2019 entitled “Town Square Commercial Properties”.

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