Marian Bennett

The first thing you want to do is make sure you understand the contract you have signed and determine what your options are. If you don’t have confidence in your Agent to provide you the necessary advice, contact his/her Broker and explain your situation. If that is unsatisfactory, contact a practicing CA real estate attorney from a trusted source. If you end up contacting an attorney, ask if they’ve consulted on distressed property transactions and if they will charge you for the initial call – just so you know up front. Also, determine if you want this condo, even with minimal reserves - You may be asked if you “want out” or if you still want the condo with more clarification of the HOA documents. There are most likely HOA meeting minutes or assessment documents that disclose how and when those improvements are to be paid for. Your best advice will be provided by your Agent, the Broker, or an attorney, who has your complete contract, including the Short Sale Addendum, and the HOA docs in front of them, and can explain its terms clearly so that you can make an informed decision going forward. Good luck. - Marian Bennett - Sun Dec 6 2009, 23:26