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

[eyePod]

A lot of condos have low reserves because the builder sets the HOA too low in order to facilitate sales. Then none of the owners want HOA to go up. OK when condo is new, time bomb at the 30 year mark. 2K assesment? What about 20K when everybody needs a new roof, etc.

[ccutequeen]

sd realtor,
yes, I mean Creekwood at River Run. Its the blue and white complex pass 805 on the way to Ikea.

sreeb,
Yes, according the management company, the condo just had some bigger expense in pass two years including external painting for buildings, new covering for car ports, re-surface pool and spa, replace 17 out of 18 boiler.

To give a full picture of the situation, here are some the stuff that have been disclose to me.
The loan has been approved, so i guess the complex was good enough for the lender to willing to lend the money. The complex has 65% owner occupancy rate. HOA doc show 14 out of 252 are late on their HOA fee. The price is acceptable now after Bank agree to give 2500 toward closing cost, it “only” took one week of negociation.

Here is the exact word in their percentage funded report:
“Based on the estimated total current replacement cost of $3,143,098 and estimated service lives and remaining useful lives for the individual reserve components, the annual reserve funding for the hoa is $248,224 and the fully funded reserve as of fiscal year end 31-Dec-2009 is $2,105,260. As of this date, the association has projected $507,398 to be in savings available for reserves. This will be a deficit of $1,597,862 under the fully funded reserve. Based on these numbers, the creekwood hoa will be 24% funded as of 31-Dec-2009”
I am simply not quite sure how to understand this report and not sure how other mission valley HOA are doing. They really should make this kind information public.

[ccutequeen]

sd realtor,
yes, I mean Creekwood at River Run. Its the blue and white complex pass 805 on the way to Ikea.

sreeb,
Yes, according the management company, the condo just had some bigger expense in pass two years including external painting for buildings, new covering for car ports, re-surface pool and spa, replace 17 out of 18 boiler.

To give a full picture of the situation, here are some the stuff that have been disclose to me.
The loan has been approved, so i guess the complex was good enough for the lender to willing to lend the money. The complex has 65% owner occupancy rate. HOA doc show 14 out of 252 are late on their HOA fee. The price is acceptable now after Bank agree to give 2500 toward closing cost, it “only” took one week of negociation.

Here is the exact word in their percentage funded report:
“Based on the estimated total current replacement cost of $3,143,098 and estimated service lives and remaining useful lives for the individual reserve components, the annual reserve funding for the hoa is $248,224 and the fully funded reserve as of fiscal year end 31-Dec-2009 is $2,105,260. As of this date, the association has projected $507,398 to be in savings available for reserves. This will be a deficit of $1,597,862 under the fully funded reserve. Based on these numbers, the creekwood hoa will be 24% funded as of 31-Dec-2009”
I am simply not quite sure how to understand this report and not sure how other mission valley HOA are doing. They really should make this kind information public.

[ccutequeen]

sd realtor,
yes, I mean Creekwood at River Run. Its the blue and white complex pass 805 on the way to Ikea.

sreeb,
Yes, according the management company, the condo just had some bigger expense in pass two years including external painting for buildings, new covering for car ports, re-surface pool and spa, replace 17 out of 18 boiler.

To give a full picture of the situation, here are some the stuff that have been disclose to me.
The loan has been approved, so i guess the complex was good enough for the lender to willing to lend the money. The complex has 65% owner occupancy rate. HOA doc show 14 out of 252 are late on their HOA fee. The price is acceptable now after Bank agree to give 2500 toward closing cost, it “only” took one week of negociation.

Here is the exact word in their percentage funded report:
“Based on the estimated total current replacement cost of $3,143,098 and estimated service lives and remaining useful lives for the individual reserve components, the annual reserve funding for the hoa is $248,224 and the fully funded reserve as of fiscal year end 31-Dec-2009 is $2,105,260. As of this date, the association has projected $507,398 to be in savings available for reserves. This will be a deficit of $1,597,862 under the fully funded reserve. Based on these numbers, the creekwood hoa will be 24% funded as of 31-Dec-2009”
I am simply not quite sure how to understand this report and not sure how other mission valley HOA are doing. They really should make this kind information public.

[ccutequeen]

sd realtor,
yes, I mean Creekwood at River Run. Its the blue and white complex pass 805 on the way to Ikea.

sreeb,
Yes, according the management company, the condo just had some bigger expense in pass two years including external painting for buildings, new covering for car ports, re-surface pool and spa, replace 17 out of 18 boiler.

To give a full picture of the situation, here are some the stuff that have been disclose to me.
The loan has been approved, so i guess the complex was good enough for the lender to willing to lend the money. The complex has 65% owner occupancy rate. HOA doc show 14 out of 252 are late on their HOA fee. The price is acceptable now after Bank agree to give 2500 toward closing cost, it “only” took one week of negociation.

Here is the exact word in their percentage funded report:
“Based on the estimated total current replacement cost of $3,143,098 and estimated service lives and remaining useful lives for the individual reserve components, the annual reserve funding for the hoa is $248,224 and the fully funded reserve as of fiscal year end 31-Dec-2009 is $2,105,260. As of this date, the association has projected $507,398 to be in savings available for reserves. This will be a deficit of $1,597,862 under the fully funded reserve. Based on these numbers, the creekwood hoa will be 24% funded as of 31-Dec-2009”
I am simply not quite sure how to understand this report and not sure how other mission valley HOA are doing. They really should make this kind information public.

[ccutequeen]

sd realtor,
yes, I mean Creekwood at River Run. Its the blue and white complex pass 805 on the way to Ikea.

sreeb,
Yes, according the management company, the condo just had some bigger expense in pass two years including external painting for buildings, new covering for car ports, re-surface pool and spa, replace 17 out of 18 boiler.

To give a full picture of the situation, here are some the stuff that have been disclose to me.
The loan has been approved, so i guess the complex was good enough for the lender to willing to lend the money. The complex has 65% owner occupancy rate. HOA doc show 14 out of 252 are late on their HOA fee. The price is acceptable now after Bank agree to give 2500 toward closing cost, it “only” took one week of negociation.

Here is the exact word in their percentage funded report:
“Based on the estimated total current replacement cost of $3,143,098 and estimated service lives and remaining useful lives for the individual reserve components, the annual reserve funding for the hoa is $248,224 and the fully funded reserve as of fiscal year end 31-Dec-2009 is $2,105,260. As of this date, the association has projected $507,398 to be in savings available for reserves. This will be a deficit of $1,597,862 under the fully funded reserve. Based on these numbers, the creekwood hoa will be 24% funded as of 31-Dec-2009”
I am simply not quite sure how to understand this report and not sure how other mission valley HOA are doing. They really should make this kind information public.

[ccutequeen]

After talking to some friends and ppl know more about living/buying into condo, combine with everyone’s input here, I have decided against purchase this condo. The fear of big special assessment bills base on 24% funded number overcame any other feeling I had for the place.

Just want to thank everyone for your input!!!

[ccutequeen]

After talking to some friends and ppl know more about living/buying into condo, combine with everyone’s input here, I have decided against purchase this condo. The fear of big special assessment bills base on 24% funded number overcame any other feeling I had for the place.

Just want to thank everyone for your input!!!

[ccutequeen]

After talking to some friends and ppl know more about living/buying into condo, combine with everyone’s input here, I have decided against purchase this condo. The fear of big special assessment bills base on 24% funded number overcame any other feeling I had for the place.

Just want to thank everyone for your input!!!

[ccutequeen]

After talking to some friends and ppl know more about living/buying into condo, combine with everyone’s input here, I have decided against purchase this condo. The fear of big special assessment bills base on 24% funded number overcame any other feeling I had for the place.

Just want to thank everyone for your input!!!

[ccutequeen]

After talking to some friends and ppl know more about living/buying into condo, combine with everyone’s input here, I have decided against purchase this condo. The fear of big special assessment bills base on 24% funded number overcame any other feeling I had for the place.

Just want to thank everyone for your input!!!

[sdrealtor]

Dont know if you’ll be interested but I may be getting something you would probably like nearby. Check your private message.

[sdrealtor]

Dont know if you’ll be interested but I may be getting something you would probably like nearby. Check your private message.

[sdrealtor]

Dont know if you’ll be interested but I may be getting something you would probably like nearby. Check your private message.

[sdrealtor]

Dont know if you’ll be interested but I may be getting something you would probably like nearby. Check your private message.

[Author]

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