Appraisal came in $5k short, run or stay?

[akbarpunjabi]

Be careful of older condos from the 80’s after 30 years many plumbing and roofing and other expensive stuff starts to pop up. I’ve lived in an older complex in Mission Valley for the past 3 years and have seen my share of problems. Fine to rent, but owning is another story. There are 2 bed 1.5 baths that rent for $1200 in this older area and everywhere you look in the complex there are lockboxes scattered on every railing.

[desmond]

Christopher Cross says “Run Like the Wind”

[desmond]

Christopher Cross says “Run Like the Wind”

[desmond]

Christopher Cross says “Run Like the Wind”

[desmond]

Christopher Cross says “Run Like the Wind”

[desmond]

Christopher Cross says “Run Like the Wind”

[ccutequeen]

Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?

[ccutequeen]

Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?

[ccutequeen]

Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?

[ccutequeen]

Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?

[ccutequeen]

Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?

[patb]

[quote=ccutequeen]Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?[/quote]

I don’t know what you mean.

If the answer is “We have in reserve, 24% of the expected costs over the next 5 years”, then it’s fine.

If the answer is “We have in reserve, 24% of the expected costs for the coming year,” that can be an issue

if the answer is “We will have in reserve, 24% of the expected costs for the year by the end of the year”, then it’s just awful.

I’d call a real estate lawyer, show them the report, ask them.

Reserves are a huge problem for Condos if the reserves are poor, you can get a 2K assessment when the sewer pipes start leaking.

[patb]

[quote=ccutequeen]Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?[/quote]

I don’t know what you mean.

If the answer is “We have in reserve, 24% of the expected costs over the next 5 years”, then it’s fine.

If the answer is “We have in reserve, 24% of the expected costs for the coming year,” that can be an issue

if the answer is “We will have in reserve, 24% of the expected costs for the year by the end of the year”, then it’s just awful.

I’d call a real estate lawyer, show them the report, ask them.

Reserves are a huge problem for Condos if the reserves are poor, you can get a 2K assessment when the sewer pipes start leaking.

[patb]

[quote=ccutequeen]Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?[/quote]

I don’t know what you mean.

If the answer is “We have in reserve, 24% of the expected costs over the next 5 years”, then it’s fine.

If the answer is “We have in reserve, 24% of the expected costs for the coming year,” that can be an issue

if the answer is “We will have in reserve, 24% of the expected costs for the year by the end of the year”, then it’s just awful.

I’d call a real estate lawyer, show them the report, ask them.

Reserves are a huge problem for Condos if the reserves are poor, you can get a 2K assessment when the sewer pipes start leaking.

[patb]

[quote=ccutequeen]Thanks everyone for the advise and comment!

The bank just came back and willing to pay $2500 towarding closing cost without reducing the price, which for me is $2500 less cash to pay so end up to be same thing. I was just about to accept the bank’s new offer…its a miracle B of A even considered to do this..and then I got the HOA document.

The HOA document provide another surprise..or is it…that base on last year’s reserve fund study/analysis done by professional reserve fund study company (forgive me if I am using wrong words, not sure what they called), the HOA is currently 24% funded. Is that really low?[/quote]

I don’t know what you mean.

If the answer is “We have in reserve, 24% of the expected costs over the next 5 years”, then it’s fine.

If the answer is “We have in reserve, 24% of the expected costs for the coming year,” that can be an issue

if the answer is “We will have in reserve, 24% of the expected costs for the year by the end of the year”, then it’s just awful.

I’d call a real estate lawyer, show them the report, ask them.

Reserves are a huge problem for Condos if the reserves are poor, you can get a 2K assessment when the sewer pipes start leaking.

[Author]

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