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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Condominium Neighbor Issues Selling Smoking

Neighbor’s Smoke Forces Condo Owner to Sell!

J.S. from outside of Connecticut writes: Dear Mister Condo, I am a condominium owner who can no longer hack the smoke. I see from this forum that the raging conflict rarely goes well. I AM LOOKING TO SELL THE PLACE. I am not looking for legal advice nor interested in beating a dead horse with the association again. I did all of the polite and never uncivil neighborly discussions, bought all the expensive air cleaners,…

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Assessments Buying Condominium Legal Selling

Must I Reveal Possible Special Assessment to a Condo Buyer?

R.R. from Hartford County writes: Dear Mister Condo, I recently was advised that our Board has started to address and extremely large repair required by the state. It has been mentioned in the Condo Minutes but no formal acknowledgment or assessment has been determined. I would like to run for the hills without telling the buyer and sell my unit before the news if official. Can I do that? Mister Condo replies: R.R., special assessments…

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