Assessments Board Condominium Selling

Poorly Maintained Condo Forces Unit Owner to Lower Selling Price

B.S. from outside of Connecticut writes: Dear Mister Condo, How do I sell my condo when it hasn’t been kept up by the people who take our condo fees every month? We have a condo repossessed by the bank, people who don’t pay their condo fees for who knows what reason, and in one unit it’s now a rental. Any advice would be helpful. Mister Condo replies: B.S., I feel your pain and I am…

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Buying Condominium Financial Legal Selling

Condo Resale Disclosure

P.E. from New Jersey writes: Dear Mister Condo, What are the disclosure laws in New Jersey for the resale of a condo? Mister Condo replies: P.E., I am not an attorney so I cannot give you a legal answer here. You should speak with a qualified attorney in your region to get a legal response to your question. However, I can offer some friendly advice. Michael Odenthal of the New Jersey Cooperator has an excellent…

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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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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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