skagit: Foreclosures Hurt Condo Associations
- 02/09/10 05:34 AM
These are difficult times for many condominuim associations. Investors and owners who were on the bubble may be walking away or defaulting on association fees. Either way the COA boards may be in the difficult position of dealing with foreclosed units. Unfortunately the costs to maintain the common property do not change and in some cases the costs increase. For example in colder climates the association is having to pay the heating bills on empty units to prevent more water damage. For example in smaller complexes maintenance fees, may now be split eight ways instead of 10 becoming an increasing financial … (1 comments)
skagit: Special Assessments
- 01/26/10 04:01 AM
I spoke to a caller who was asking about special assessments and how legal they were especially for someone who had owned thier unit for less than a year. This caller didn't even know that a special assessment is a demand for money that is in addition to the regular annual or monthly dues or maintenance fees. I explained that special assessments can be levied against owners for various reasons. Many times the reasons don’t make sense to the owners. Owners may refuse to pay them, especially if they didn’t know about them in advance, but there are consequences to not … (0 comments)
These are difficult times for many condominuim associations. Investors and owners who were on the bubble may be walking away or defaulting on association fees. Either way the COA boards may be in the difficult position of dealing with foreclosed units. Unfortunately the costs to maintain the common property do not change and in some cases the costs increase. For example in colder climates the association is having to pay the heating bills on empty units to prevent more water damage. For example in smaller complexes maintenance fees, may now be split eight ways instead of 10 becoming an increasing financial … (1 comments)
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