I’m just guessing that the 20K would be the risk associated with purchasing a condo at that complex. Not the fact that they owe 40K to venders. Currently there are between 20-30 units that have been re-purchased, so I’m not sure how the special assessments will be divided between the owners and also if the banks will pay any of those assessments. HOAs are also responsible for reserves. The reserves should cover any necessary repairs and should be up to date for future maintenance schedules. If it’s been seven years since the roof has been replaced and a roof life is 15yrs, then the reserves should have seven of the 15yrs of reserves for the cost of replacing the roof. I believe there has to be at least 70% reserves for future maintenance schedules to be solvent. There are four separate buildings and the older one looks like it needs a new roof.
