You can also call the property management co (not the HOA) and ask them how stable the complex you’re interested in, whether there are any liens, whether special assessments are being considered, what the vacancy is, and so on. I’ve been calling them for condos I’m interested in and they’ve all been very helpful and forthright in disclosing this info. It doesn’t answer your question but helps in the decision to buy in a certain complex.
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Thanks. Some of the condo converts are pretty scary, with a lot of FB’s and HOAs seemingly underfunded.
Just wondering if a severe underfunding can trigger a snowball, in which underfunding->special assessment->difficult in selling -> lowered prices -> more FB buyers walking -> less occupancy –> even more underfunding. There are a few complexes i see that have a huge FB tenancy and a lot of sales that aren’t happening, and I’m guessing the HOA is underfunded. I’m just wondering when this landmine will blow up.
