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16 Comments on Complicated Condos, Crises Cases and Creative Conclusions
Good morning, congratulations on your FEATURED post. Excellent information to educate the condo buyer beware. Have a marvelous Sunday.
Hi Kwee,
Thanks for the comment, and for the notice that it got featured!
Phil
Sometimes troubled condos are like selling cars! You must believe in the philosophy the thare is an a-- for every seat! Enjoy your day!
Phil, condo sales in your area are quite a challenge. Good job at over coming the hurdles and getting them to a successful closing.
Perhaps all buyers interested in purchasing a condo should read your posts to make certain they are still interested in purchasing a condo!
Sometimes selling condos has more complications than regular homes. I know - I do a lot of condos in Atlanta. Congrats on being Featured and Kirland, WA is lucky to have such knowledgeable and seasoned condo experts in their area!
Good for you guys - selling condos can be an issue everywhere - congrats on your feature!
Condos require a little more labor than lets say a stand alone home...Some agents handle it well while others go through the motions. The CC & R's should always be available and consulted right away...Read the small print and ask lots of questions. Finally, talk to people who live there
Condo associations are hard to deal with. Resident officers are not professional managers. Hired management companies don't live there and generally do not care.
Your condo sale scenarios are amazing! The fact that you got them all SOLD shows your determination and expertise in that market -- congratulations!
Thanks so much for your comments.
I would not have believed, three years ago, that so many different things could go wrong with selling a condo.
Just when I think I have seen it all - dealt with it all - there is another unusual issue that has to be overcome.
One of the cases I did not highlight involved a condo in the path of our light rail. We had to sell it, knowing that it was going to be knocked down in a year or two!!
Phil
I compltely agree that condo sales can become quite complicated as implications with different aspects of the condo building or financing can make the purchase quite difficult.
Being able to work through the problem no matter if its a condo association issue or something wrong with the apartment itself is always the most important part of getting the transaction to close.
Thanks for the comments.
Sometimes because of the problems, only cash or HomePath (if it is a Fannie Mae property) will close. Our latest one had the roof, siding, windows and decks all replaced. Problem is, they had no money, so it was all financed. The new buyer had to take on $206 per month for 10 years on top of the normal dues because the HOA had not saved up for repairs.
Phil
Great job in overcoming all the issues with the condos, Phil! Isn't it rewarding to be able to come up with creative solutions?
Hi Beth,
It is rewarding, but it drives you nuts sometimes. One we have in closing right now was an all cash sale that flipped the first time, because the buyers were buying it for the family when they were in town. Because only one couple can live in it to call it owner occupied, the HOA said it would be considered a rental even when no rent would be paid, and that would exceed their rental cap. The people moved on...
PHil