Question Details

ndan529, Home Buyer in Chicago, IL

How do I find out the financial health of a condo association?

Asked by ndan529, Chicago, IL Sun May 12, 2013

I am purchasing an as-is fannie mae property.The listing agent isn't willing to provide anything on this "as-is" property. I want to know the financial health of the HOA in this 5 unit condo. The property manager said that they met one time and that's it. I have an attorney who saids he can "request" it from the listing agent, but is not guaranteed will result in anything. He told me to ask the property manager myself, but what authority do I have to request the financial statements. I am a first time homebuyer and do not have much confidence in obtaining his cooperation to provide needed information.

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0 votes Thank Flag Link Sun May 12, 2013
Ask your Realtor to speak to the local title company they should be able to provide you with covenants & restrictions as recorded, If not obtain a copy from the recorders office in that county. Our state requires the chairman of the HOA to be bonded with the state. Do you mean they meet once a year? Have your attorney review the covenants & restrictions if you still have question. Most purchase agreements only allow a certain time to respond for HOA concerns.
0 votes Thank Flag Link Sun May 12, 2013
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