- This topic has 15 replies, 2 voices, and was last updated 15 years, 4 months ago by
urbanrealtor.
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July 28, 2009 at 9:24 PM #16103July 28, 2009 at 10:41 PM #438195
urbanrealtor
ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
July 28, 2009 at 10:41 PM #438398ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
July 28, 2009 at 10:41 PM #438722ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
July 28, 2009 at 10:41 PM #438795ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
July 28, 2009 at 10:41 PM #438962ParticipantThis building has had a shitload of reo’s.
Often this situation will result in so many defaults that the HOA is underfunded to the point of true financial distress.
If that occurs, then no bank will lend (for fear of the the insurance going unpaid or value dropping yet further).
In this case (and I don’t have inside info) the bank who is the seller is likely just being extra careful.
I say that because I have seen financing there recently.
July 29, 2009 at 6:57 AM #438282SDisGreat
ParticipantThe listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?July 29, 2009 at 6:57 AM #438485ParticipantThe listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?July 29, 2009 at 6:57 AM #438810ParticipantThe listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?July 29, 2009 at 6:57 AM #438883ParticipantThe listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?July 29, 2009 at 6:57 AM #439052ParticipantThe listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?July 29, 2009 at 5:31 PM #438586Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow.July 29, 2009 at 5:31 PM #438790Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow.July 29, 2009 at 5:31 PM #439114Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow.July 29, 2009 at 5:31 PM #439185Participant[quote=SDisGreat]The listing agent said that due to the reo and ligitation, an ALL CASH offer will only be accepted.
In that case, what do you think of getting the place for 200K?
However, if we are going to have problems with an underfunded HOA, are the HOA prices going to skyrocket to make up for the REOs who are not paying their monthly HOA fee?[/quote]Probably not skyrocket.
Probably there will be a special assessment or an increase.
Review the condo docs carefully if you end up in escrow. -
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