Yes, the day has arrived and the Florida Distressed Condominium Relief Act has become law bringing the bulk buying power of investors to the troubled Florida condo real estate market.  The relief act will bring new peace of mind to condominium associations and real estate condo listing agents who can market Florida condominiums with renewed confidence.

The condominium relief act gives the Florida condominium associations the ability to collect rent from tenants to pay association fees if the property owner does not pay.  While not what most tenants want to hear, this will increase positive cash flow in condo communities that should lead to an increase in property maintenance and hence, property values. 

Additionally, Fannie Mae will likely approve more communities for financing and more properties will begin to meet association guidelines and FHA guidelines and become FHA approved as well.  Fannie Mae is also allowing previously rejected condominium properties a second look for approval.  Fannie Mae approved associations are a great buy for bulk investors. 

Unfortunately this can create unhappy tenants who are now responsible for monthly association fees or at least past due association fees.  In most cases, the tenant is unaware when a previous owner or investor stops paying association fees and the situation can get unpleasant.