Asked by Jaws3d1983, Los Angeles, CA • Fri Feb 6, 2009
I'm looking at an REO condo that has been on the market for thirty days at its current price and much longer before that. The kitchen is a tear-out, there's been unpermitted, potentially troublesome plumbing work done and the HOA just approved an assessment of $23,000 for this unit alone. Because of the condition of the unit and the cost of the HOA monthly dues / assessment, I offered 20% below asking price. The asset manager countered by only knocking 4.6% off the asking price. Apparently the comps in the area didn't support my offer, but I feel the comps are from newer, nicer buildings which do not have sky-high HOA costs. I thought my offer was reasonable. Am I delusional?
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