Silent J

Thanks, both, for your answers. Just to clarify, we're not looking for a short sale, specifically, nor are we in danger of foreclosure. We were looking for information about how either option would affect our credit scores, whether we would owe money on any remaining balance after a short sale, etc. (I still don't have answers to those questions, actually.)

We've since called our lender, and learned that most banks are still working to respond to the recent legislation, and won't work with those who haven't fallen behind on their payments. So, really, it seems that our options are to wait or to wait. - Wed Apr 8 2009, 20:21

Hi Mark,

There's a discussion about the Infinity happening over at SocketSite -- see URL below -- that will interest you. It's confirmed that tower 2 is 17% "sold" thus far, but prices are not discussed. This is likely related to Mark Choey's comment below (NDA/quiet titles). - Thu Mar 19 2009, 14:27

Hi Julie,

Always be suspicious of low HOA dues for new buildings. Ask to see the HOA's annual budget and a current financial statement, to see if the HOA's budget aligns with reality. Ensure that a reserve fund exists, and is being funded appropriately. (For example, if an elevator breaks and requires $20,000 to fix, the HOA should have those funds in its reserve account. If it does not, and is not covered by any new construction warranties, the amount will be raised by a special assessment, usually equal to the total cost of work divided equally among all members of the HOA.) Also, if possible, ask to speak with someone in the HOA (preferably a board member) who has no material interest whether you buy in the Hayes. (If people are reluctant to let you talk to a member of the HOA, beware!)

I have heard about multiple developments where the 20% rule (common to many CC&Rs) has been used to avoid one >20% increase, instead relying on multiple consecutive annual increases of 20% by vote of the board (ending up in dues 73% greater after three years), if only to avoid the need for a vote of the full HOA.

As for warranties on new construction, it's more complicated than a 10-year period: different types of defects are covered under separate periods. See the link below (actually a builder’s guide) for specifics. - Wed Feb 25 2009, 08:17