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I am interested in an oceanfront condo in Hollywood beach.

I have a specific building in mind but would like to know how can I obtain information on the financial situation of the condo association before I even submit an offer. This complex has a high foreclosure rate and I don't need financing.
Fri Jul 25 2008, 12:19 - 33019 - Home Buying - 4 answers
 
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Blanca
Home Buyer
in Miami
Blanca, Home Buyer in Miami in Miami
Answers (4)
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Gregory Hort… was FIRST TO ANSWER
After you make your formal offer, you are entitled to review the condominium documents and most recent budget of the condo. Should you be dissatisfied, you may rescind your offer. Florida law allows a 3 day period to review the documents, once received.

Sun Jul 27 2008, 07:37
 
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Blanca,

As other posters have mentioned, this information is something you are entitled to as part of the buying process. An agent will make certain you have access to this information.

If a high foreclosure rate is prevelent in this community it should be percieved as a "red flag." What is the reason? The financial status of the association should be of primary concern.

Good luck,
The "Eckler Team"
Michael Saunders and Company
billeckler@michaelsaunders.com
941-408-5363

Sat Jul 26 2008, 03:53
Web Reference: http://www.venicerealestatesite.com
 
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Hello Blanca, if you are working with a Realtor he or she can assist you in getting financials, or if you know the name of the Condo Association, try calling someone at the Association and speak directly to them. You can also check the "Lis Pendens" in the Tax Records to confirm your fear as to the number of pending foreclosures. It may not be as bad as you've heard. Please feel free to send me an email if I can help you with any other questions. Good Luck!
Angela Jensen
email: jensenatj@aol.com

Fri Jul 25 2008, 14:11
Web Reference: http://www.AngelaJensen.com
 
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FIRST ANSWER
Hello Blanca,

The offer that your agent submits on your behalf has a built in right of recission in it that allows you to view the condo assoc financials. If there is something in the financials that you are unhappy with you are not obligated to move forward. I am very familiar with the Hollywood area should you need any help. Good luck with your purchase.

Fri Jul 25 2008, 13:01
Web Reference: http://www.HortonRealEstateGroup.com
 
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