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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Condos; pluses and minuses Posted by Ward-CA- on June 11, 2002 at 7:16 AM In Reply to: Purchasing a condo posted by Mary-CA on June 10, 2002 at 10:47 PM : Hi Ward, : With regard to purchasing a condo at auction: : 1. Unlike an SFR, condos are usually located within a secured building. How do you obtain the key to the main entrance of the building? : 2. How should I notify the HOA that I am the new owner as a result of the foreclosure? Is there a form letter I should use? : 3. Before the auction, how do I find out what the monthly HOA dues are for the condo? : 4. Are there any significant points I need to know about purchasing a foreclosed condo vs. SFR? Any pros & cons or advice? : I greatly appreciate it. =•=•=•=•=•=•=•=•=•=•= Mary, 1. The HOA will issue you a key to your mail box, pool area and the front gate. 2. I’d do it during the personal visit to pick up the keys (see #1). Take your auctioneer’s receipt or your trustee’s deed as proof of being the new owner. 3. You’d have to know who the management company is and call them. 4. A big no/no is don’t buy a condo in a very small complex (under 20 units) because of their typical lack of adherence to proper reserve levels and higher monthly dues per unit. Also it’s hard to know before the auction if the condo is in the midst of a serious HOA lawsuit, the outcome of which may be a year or more away. It’s very hard to sell a condo with an unresolved lawsuit pending. I’d stay away from a condo in foreclosure unless it’s an absolute steal. And I’ve enjoyed a few of those. On the whole go for the larger, mature condo developments in your area. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Ward, : : With regard to purchasing a condo at auction: : : 1. Unlike an SFR, condos are usually located within a secured building. How do you obtain the key to the main entrance of the building? : : 2. How should I notify the HOA that I am the new owner as a result of the foreclosure? Is there a form letter I should use? : : 3. Before the auction, how do I find out what the monthly HOA dues are for the condo? : : 4. Are there any significant points I need to know about purchasing a foreclosed condo vs. SFR? Any pros & cons or advice? : : I greatly appreciate it. : =•=•=•=•=•=•=•=•=•=•= : Mary, : 1. The HOA will issue you a key to your mail box, pool area and the front gate. : 2. I’d do it during the personal visit to pick up the keys (see #1). Take your auctioneer’s receipt or your trustee’s deed as proof of being the new owner. : 3. You’d have to know who the management company is and call them. : 4. A big no/no is don’t buy a condo in a very small complex (under 20 units) because of their typical lack of adherence to proper reserve levels and higher monthly dues per unit. Also it’s hard to know before the auction if the condo is in the midst of a serious HOA lawsuit, the outcome of which may be a year or more away. It’s very hard to sell a condo with an unresolved lawsuit pending. : I’d stay away from a condo in foreclosure unless it’s an absolute steal. And I’ve enjoyed a few of those. On the whole go for the larger, mature condo developments in your area. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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