Skip to main content

HOA lawsuit on our condo is coming up as we’re about to close

Here’s the situation: our HOA had a hail claim denied for some roof repairs by the insurer. The insurer eventually agreed that the hail damage was covered, now there’s a lawsuit basically saying the HOA wants more than what the insurer wants to pay out. A motion to compel appraisal was granted but the appraisal hasn’t been done.

We knew about this lawsuit and disclosed it properly, but it has only come up now, about a week from closing, for the buyer’s lender. I think the lender may misunderstand and think the lawsuit is about whether there will be coverage for the damage, not how much the payment will be.

I’ve been on my HOA board and a special assessment has never been discussed, because all the HOA wants is for the roof damage to get covered, whatever that costs. I plan to ask the lawyer to write a letter basically saying the lawsuit isn’t about whether coverage is offered for hail damage, but how much the claim will ultimately be. Will this be enough to satisfy the lender’s concerns? The lender has asked how much the damage is, but without the appraisal all we have is guesses, and again I think the lender wonders what will happen if it’s not covered, which isn’t in question.

Curious what y’all think; thanks in advance.

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

source https://www.reddit.com/r/RealEstate/comments/1ku9sck/hoa_lawsuit_on_our_condo_is_coming_up_as_were/
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

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more