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Old 06-17-2010, 07:26 AM
 
6 posts, read 9,594 times
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We were consider buying a condo in Orlando, but then we find out 1/3 of the units in the community are in foreclosure. The HOA still can persist a positive cash flow each month. Should we buy this place or not? Is it normal to have that many foreclosures in a community of Orlando?

Thanks in advance!
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Old 06-17-2010, 07:52 AM
 
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It's not normal if it's a well run community with owner occupied units in a nice area.

There's no way I would buy that. The only reason there is a positive cash flow is because the people who are paying dues are paying more than there should be. The more units foreclose, the higher those dues would go.

Just my two cents.
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Old 06-17-2010, 08:34 AM
 
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The HOA fee, $230/month, seems to be reasonable for a 3-bedroom.
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Old 06-17-2010, 08:43 AM
 
26,585 posts, read 62,020,627 times
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Quote:
Originally Posted by SunshineChaser View Post
The HOA fee, $230/month, seems to be reasonable for a 3-bedroom.
It depends on what you are getting for that $230. Around here $100-150 seems about right for a condo with a pool and clubhouse.

The number of bedrooms doesn't usually make a difference.
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Old 06-17-2010, 12:32 PM
 
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If you really want the unit request detailed financial information from the HOA, preferably with help from a lawyer. Assume that there will be more foreclosures throughout 2010.
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Old 06-24-2010, 07:26 AM
 
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How much is the home insurance? Is it through Citizens?
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Old 06-24-2010, 08:30 AM
 
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The best, most honest opinion I would give to anyone moving to Florida right now, is RENT.
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Old 06-24-2010, 11:13 AM
 
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The HOA refuses to give me financial information/status for the reason that I am not a resident of HOA. This sound very speculative to me!
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Old 06-24-2010, 11:37 AM
 
26,585 posts, read 62,020,627 times
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Quote:
Originally Posted by SunshineChaser View Post
The HOA refuses to give me financial information/status for the reason that I am not a resident of HOA. This sound very speculative to me!
No, that's very normal. Where I live the HOA wouldn't give you information either--and we're very, very healthy.
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Old 06-24-2010, 11:43 AM
 
6 posts, read 9,594 times
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How can I know the financial situation of HOA before making the purchase?
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