Buying Condominium FHA Financial Governance Mortgage Selling

FHA Not Satisfied with Condo Reserve Fund

T.S. from outside of Connecticut writes: Dear Mister Condo, I am having trouble getting this Condo approved for mortgage financing. I was told that if the current budget does not have a line item for the Reserve Fund, that would make the HOA ineligible. Can you give an example of a budget that shows a Reserve Account? Why is a savings account on a balance sheet not sufficient? The HOA is saying this is the…

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Board Condominium Financial Governance Legal Parking

Bank Still Owns Condo Parking Spaces

Z.A. from Illinois writes: Dear Mister Condo, I live in Cook County Illinois. I am currently the President of our Board. The parking spaces in our building are deeded, and 24/26 spaces are currently owned by Unit Owners. However, the Developer was unable to sell all of the garage spaces, even though he already sold all the Units. The bank just foreclosed on the remaining two garage spaces and has stated that they will try…

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Buying Condominium Selling

Condo Square Footage Marketed Using Common Area Figures

C.C. from outside of Connecticut writes: Dear Mister Condo, Is common area factored into the total square footage of the sale price of a condo? Mister Condo replies: C.C., typically, common area would not be factored into the individual square footage of the condo. However, sales prices are simply marketing tools and have no meaningful value as to what is or isn’t part of the condo. Realtors and unit owners selling their condos want them…

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Board Communications Condominium Governance Legal Voting

Condo Board Keeping Election Results Private

V.M. from outside of Connecticut writes: Dear Mister Condo, Voting for three trustee positions with four individuals seeking a position was done primarily via proxy ballot. At the annual meeting, a quorum was not achieved. Some unit owners believe we have an obligation to post the results of the ballot count even though there was no quorum. What is your opinion? Mister Condo replies: V.M., results of any vote, proxy or other, are association records. As…

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