C.W. from Florida writes: Dear Mister Condo, Can a condo association demand 25% down payment on purchase? I have tenants who are living in the condo and want to buy it but they were told 25% down to buy it. I think this is crazy since they’ve been living there for years. Mister Condo replies:…
Category: FHA
HOA Demands Handicapped Renter to Change Vehicle Parking
K.S. from Los Angeles, California writes: Dear Mister Condo, I’m a renter with a disability placard. Lived in a HOA community 4 years without an issue. The Property Management company is stating that I must park my vehicle in an enclosed single garage that is assigned to the unit I rent. The SUV I drive…
Advantages and Disadvantages of Having the Condo FHA Approved
D.K. from Connecticut writes: Dear Mister Condo, What are the advantages and disadvantages of having the condo FHA approved? The board is not interested in doing this. However, we keep getting asked to. Mister Condo replies: D.K., the arguments for and against FHA certification have long been a bone of contention in condominiums. The issue…
Explaining the Condo Reserve Fund
C.G. from Bristol County, Massachusetts writes: Dear Mister Condo, I thought the Reserve was the balance left in the bank account. Can you please explain the difference? Mister Condo replies: C.G., the balance left in the bank account is just that – the balance. A Reserve Fund is an entirely separate account or accounts where…