Home Buying in Boynton Beach>Question Details

J Har, Other/Just Looking in West Bloomfield, MI

Is there a list of HOA's in financial trouble in the boynton beach area?

Asked by J Har, West Bloomfield, MI Sun May 31, 2009

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no master list as such exists...you may be able to find some that are in bankruptcy proceedings via public records.

And...are you meaning HOA or Condo Association? Condos are more likely to be in trouble...

If you're considering BUYING a property and are worried about whether HOA/COA will be problematic, when you write the contract with your Buyer's Agent you should be adding the Condo/Homeowner Addenda...whichever applies. This form allows you to get the Homeowners Docs and Budgets prior to closing so you can review them and see what is up.

If you're buying with a mortgage, the Lender will ALWAYS ask for a review of Condo documents. If the condo association has more than 15% of the owners delinquent, neither FHA nor Fannie Mae will lend on the property!! So that will bail you out. You can always ask those questions prior to submitting but most owners & agents will not provide that information to just anyone without a contract in play.

If you have a particular property in mind, feel free to ask and I can see what I can find out!

David

------------------------------------
Boca Executive Realty
David A. Podgursky
Broker Associate
dp@bocaexecutive.com
mobile: 561-504-6949
http://www.davidpodgursky.com
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0 votes Thank Flag Link Mon Jun 1, 2009
I do remember reading a story about Carriage Pointe being trouble. That was at least six months ago. I don't know their current status.

But yes, many of the condo conversions would be in trouble because they have a higher than average rate of foreclosures and short sales. Stands to reason that people not paying their mortgage, aren't paying their HOA dues either.

Nadine Mauro
Regency Realty Services
561-414-0864
NadineMauroRE@yahoo.com

Search the MLS like an agent:
http://www.FloridaHouseSeller.ListingBook.com
0 votes Thank Flag Link Mon Jun 1, 2009
J:

Any community built in 2005 - 2007 or that went through condo conversion during that time is probably at least 15% delinquent with their dues. Other communities which were built earlier and didn't have a lot of re-sales during that time period are most likely fairing better than most.

Todd Kevitch
BPO Realty LLC
0 votes Thank Flag Link Sun May 31, 2009
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