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The current owners are part timers and had it rented out previously so maybe it was just never brought to anyone's attention.
Have you checked into the condo's owner-occupier to renter ratio? As I mentioned before, my 1st home was a condo, so I learned a lot of hard lessons.
#1: Never rely on the promises of the HOA, unless it's a written contract with a specific deadline for performance.
#2: Never purchase into a condo with a high percentage of renter-occupiers.
Because the landlords are never around, there's not as much incentive for them to take an active role in the business of the HOA. Also, they are usually more concerned with rental profit and not resale value, so they are not as willing to vote for a dues increase (which increases their rental expenses) in order to maintain the property. This is especially problematic if you have an owner who owns multiple units, as they will have a vote for as many units as they own.
You mentioned doing the work yourself with approval of the HOA. I would advise against it. Instead, have the seller do the work, but only before you close. Do not invest one dime until you purchase, and do not purchase until the repairs are done. Once you close, you own it AS IS.
We also found out that the seller is 9 months late on their association dues. I do not know if this is a cause or effect (or unrelated) to the lack of maintenance, since as we mentioned, some people HAVE new steps, etc.
This is directly related to the dues delinquency. In order to have a vote on the HOA, the owner has to be in good standing, which means dues paid. Also, if they're behind on their dues, they probably don't have the means to even offer to the HOA to pay for the repairs themselves.
If you do decide to buy, make sure the dues are cleared at closing, otherwise you will liable for bringing the dues current. After 9 months late, there is likely to be a lien on the unit, provided the HOA has given itself the authority to do so in its by-laws.
Have you checked into the condo's owner-occupier to renter ratio? As I mentioned before, my 1st home was a condo, so I learned a lot of hard lessons.
#1: Never rely on the promises of the HOA, unless it's a written contract with a specific deadline for performance.
#2: Never purchase into a condo with a high percentage of renter-occupiers.
Because the landlords are never around, there's not as much incentive for them to take an active role in the business of the HOA. Also, they are usually more concerned with rental profit and not resale value, so they are not as willing to vote for a dues increase (which increases their rental expenses) in order to maintain the property. This is especially problematic if you have an owner who owns multiple units, as they will have a vote for as many units as they own.
You mentioned doing the work yourself with approval of the HOA. I would advise against it. Instead, have the seller do the work, but only before you close. Do not invest one dime until you purchase, and do not purchase until the repairs are done. Once you close, you own it AS IS.
I do not know the ratio actually. I could ask. I think the majority are vacation homeowners who may rent it out for part of the year.
I actually did not mean to do the work myself but meant that the owner pay for it (come out of owners proceeds at closing since clearly the owner may not have money to front the cash) and then the money go towards the repairs, if the HOA is not going to come to terms with an immediate fix - meant basically as an alternative to the HOA paying up.
This is directly related to the dues delinquency. In order to have a vote on the HOA, the owner has to be in good standing, which means dues paid. Also, if they're behind on their dues, they probably don't have the means to even offer to the HOA to pay for the repairs themselves.
If you do decide to buy, make sure the dues are cleared at closing, otherwise you will liable for bringing the dues current. After 9 months late, there is likely to be a lien on the unit, provided the HOA has given itself the authority to do so in its by-laws.
We have a lawyer checking out the title, taxes, dues, etc. They are going to cut a check for anything past due out of the seller's proceeds.
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