Asked by charitygirl, Northampton, MA • Wed Jun 3, 2009
I put an offer on a condo and it was accepted, but I have not yet signed the purchase and sale agreement. I found out today that the HOA intends to levy a special assessment to replace the roof and sidewalks. The estimate runs from $100,000 on the low end to many hundreds of thousands on the high end. What are my options at this point? This would effectively add tens of thousands to the purchase price and I cannot afford to spend any more than what I offered. My boyfriend says I should just walk away unless I can get the seller to reduce the sale price by the amount of the assessment. But the HOA hasn't yet imposed the assessment and they can't even say what it will be exactly just a rough estimate (which even they admit might be many times higher--how much higher they can't say). Should I walk away from this? Can I? I really like this condo and there are NO others on the market that suit my needs. I don't know what to do!
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