Home Buying in 91405>Question Details

Cindy, Home Buyer in Hollywood, FL

This an urgent question so please help me. I'm in the process of closing escrow on a condominium but I just

Asked by Cindy, Hollywood, FL Mon Feb 9, 2009

found out that there is no money in the reserve because they resent made some repair. What should I do continue or walk away and canceled this offer?

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You need advice from someone who has reviewed the condo financial statements and minutes of the association meetings. One side of the argument is that now that they have completed the work the building is in great shape. The other side is that if they spent all their money on a big project and the maintenance fund is depleted, what else is going to come up for repair, and how will they raise the money? Sounds like a special assessment to me, which would certainly affect the market value.
0 votes Thank Flag Link Mon Feb 9, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
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