Skip to main content

Need advice about buying a condo whose exterior has gone into disrepair due to mismanagement of funds by former hoa management and which has gone into new management two years ago.

I'm trying to understand the risks involved in buying a condo. The unit itself is in great condition but the exterior looks pretty bad. There is pretty bad wood rot on exterior panels, some other units had flooding problems, and some of the balconies of other units had to be replaced entirely recently. I walked around to talk to current residents to figure out what was going on. Turns out the previous hoa management got sued two years ago for mismanaging funds and not having reserves to make repairs. Residents say that the new management is making repairs and that things look much better than they did a couple of years ago. No one seemed to be running away from their units--they only had nice things to say. This despite hoa recently asking for a one time due of $30k from each resident to make repairs--I heard a rumor that they will ask for $15k more soon. If the hoa actually makes all the repairs, I can see the value of the unit going up by $150k, and the one time payment/due is totally worth it. But if they don't, I worry about losing money both from the one time payment and also from the value of the place going down, not to mention fear that the hoa won't make necessary repairs if basic services break.

Has anyone here had experience owning a condo whose exterior went into disrepair due to mismanaging of funds? Did things ever get better? Or did the place eventually get bulldozed?

submitted by /u/lildaemon
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/t3bj68/need_advice_about_buying_a_condo_whose_exterior/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more