Robh, Home Buyer in Downtown Miami, Miami,...

Imlooking for a 2 br condo in Miami(150-200,000).How can one tell if a building is in financial difficulty?

Asked by Robh, Downtown Miami, Miami, FL Thu Jun 4, 2009

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The condo association has that info, and they are typically not willing to provide that info outside of the condo questionnaire requested by the lender (for which they charge). Some of the key questions are:
-How many unit owners are behind on their maintenance fees?
-How many units have been foreclosed or are in foreclosure?
-Do you have reserves sufficient to meet the planned deferred maintenance?
-How many vacant units are there in the building?
-How many units are owner-occupied?

There's more info, but looking at the financials and obtaiing that info will be a good way to start.
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0 votes Thank Flag Link Thu Jun 4, 2009
Hi Rob,
If you are working with a realtor, we are able to give you the basic rundown on most buildings in our area of expertise, but the actual building financials are given to the buyer when an offer is accepted and this is a part of the 3 day recission period that is given for any condominium purchas in Florida.

Also if you are looking for financing, your mortgage broker will have to determine if the building is FHA qualified under the guidelines they mus follow, and his involves getting the buildings financial information.

I wish I could tell you it is just on a web-site somwhere, but it is not. But it is not that difficult either, especially when you start narrowing down the buildings you are interested in.

If you need assistance in your search, feel free to contact me directly.

All the best,
Beth Jenkins
South Florida Brokers
786-374-4778 (direct)
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0 votes Thank Flag Link Thu Jun 4, 2009
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