Condos - The Ultimate Protection

Condos & The Ultimate Protection Plan. One of my agents shared a funny story with me this evening. She has a buyer who is very interested in writing an offer on a condo. However, the complex is not fully occupied and the Condo Association is not yet in place.

My agent contacted the bank who funded the development and voiced her concern regarding who would be responsible for the exterior maintenance of the complex. The Banker responded that each condo owner would be responsible. My agent asked what type of protection her buyer would have in the unfortunate event of a leaky roof.  The Banker responded… 'What kind of protection does she need?'

Well… Mr. Banker, it works like this… Associations are like condoms, they're used in an effort to thwart potential problems and protect against surprises down the road.  It’s imperative to have certain protection in place BEFORE any hanky panky begins.  The Banker suggested a STUDS-IN protection plan.  Whew… thank goodness some STUD will be taking care of any incident that happens between the walls.  The Banker also suggested STUDS-OUT protection too!  My agent and I laughed as our minds began to wander on that one ;)

Sometimes, you just have to go where no STUD has ever gone before and have a little fun with these things!

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40 Comments on Condo Associations are Like Condoms

20 Most Recent Comments Displayed Show All

MAY
25
2012
786,756 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Is it just me or is it getting hot in here???
10:21pm • #22
236,408 Points Called Shot Master

Mel,

Thanks for the post, you have given me a great marketing idea to promote the concept of an exclusive buyer's agent.
10:35pm • #23
397,657 Points 5 Featured Posts Outside Blog Attended Rain Camp

Good post-- now off to a cold shower.
10:47pm • #24
967,076 Points 60 Featured Posts Outside Blog Called Shot Master

Mel, of course you got my attention with a title like that.  Every buyer, seller and agent in a transaction needs to make sure they have "protection."  You never know what's going to pop up during the processing of the deal.

Anything having to do with a Condo Association needs to be examined with a magnifying glass.  There are many areas that deserve maximum attention, and this certainly is one of them.
11:21pm • #25
474,759 Points 12 Featured Posts Attended Rain Camp Called Shot Master

Mel, you deserve the prize for the most creative blog post of all time!  I loved this!  Most importantly it makes a point that will be long remembered!
11:22pm • #26
MAY
26
556,652 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I thought your post was going to go like this.

Condo Associations are Like Condoms

Use them and then throw them away...

Phil
3:45am • #28
555,176 Points 148 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Mel, when I saw the title I had to read the blog.  It was just too darn funny.  It would be a bit unnerving to buy into a complex that doesn't have that association already in place.  The unknowns might outweigh the knowns, but hey, life is a gamble.  8-)  Have a great weekend.
4:03am • #29
184,317 Points 6 Featured Posts Hit Router Attended Rain Camp

LOL...very cute!
4:15am • #30
1,393,630 Points 28 Featured Posts Hit Router Called Shot Master

I had no idea that all those STUDS are out there in Oregon!  :-)
4:16am • #31
127,533 Points Called Shot Master

Mel, funny post! comments were just as funny too. have a great memorial weekend!
4:18am • #32
Outside Blog

Mel - You definitely grabbed my attention on this Saturday morning. Too funny! Great catchy title! Have a great day!

Jeff
4:23am • #33
172,099 Points Localism Sponsor Attended Rain Camp Called Shot Master

Dare anyone to NOT read a post with a title like that - funny!
4:52am • #34
803,901 Points 20 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Just as comment number 34 says....it is your title. All this talk of studs, condoms and condos....sounds like a real estate training film! Congrats on the feature!
5:30am • #35
801,571 Points 43 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Mel...aside from the maintenance on these units, the financing guide lines can be problematic with a number of unsold units. Secondary Mortgage markets want 75% closed and no more than 10% of the unit on the market at the time of appraisal in order to take a loan on a condo project...
6:33am • #36
448,150 Points 72 Featured Posts Outside Blog Called Shot Master
What a great catch phrase. Condominiums are some of the biggest challenges we have in our market. And nobody likes the HOA.
6:51am • #37
300,008 Points 7 Featured Posts Outside Blog Attended Rain Camp

Good morning Mel. I guess I need that laugh with my coffee. Very funny and clever!              
8:10am • #38
629,093 Points 1 Featured Post Outside Blog

Mel, Yep, condo hanky panky can be expensive and memorable. 
8:17am • #39
998,887 Points 4 Featured Posts

With the last name of Stallions I thought I had heard it all in high school and college and NOW you. LOL Mel you just make everyones day.
9:34am • #40
MAY
27

hillarious, i will use this line in teh future. good blog
8:07am • #41
JUN
01
424,771 Points 40 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Some of you really made me LOL with your comments (you know who you are)!  Life is so much better with a little laughter, don't ya think?!!!
10:34am • #42

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Mel Peterson - The Naked Blogger

www.BuyInOregon.com

Grants Pass, OR

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