UT weekend article on CityScape: smart bottom fisher?

[recordsclerk]

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.

[cv2]

I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.

[cv2]

I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.

[cv2]

I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.

[cv2]

I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.

[cv2]

I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.

[urbanrealtor]

[quote=cv2]I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.[/quote]
Not to be dense but why would you ever rehab the plumbing (unless there was an active, unit-specific, leak) in a condo?

Either, the buyer is living there (which means most relevant plumbing is common interest) or its a rental (which would turn this into a cash flow question, and still the pipes are mostly common interest).

[urbanrealtor]

[quote=cv2]I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.[/quote]
Not to be dense but why would you ever rehab the plumbing (unless there was an active, unit-specific, leak) in a condo?

Either, the buyer is living there (which means most relevant plumbing is common interest) or its a rental (which would turn this into a cash flow question, and still the pipes are mostly common interest).

[urbanrealtor]

[quote=cv2]I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.[/quote]
Not to be dense but why would you ever rehab the plumbing (unless there was an active, unit-specific, leak) in a condo?

Either, the buyer is living there (which means most relevant plumbing is common interest) or its a rental (which would turn this into a cash flow question, and still the pipes are mostly common interest).

[urbanrealtor]

[quote=cv2]I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.[/quote]
Not to be dense but why would you ever rehab the plumbing (unless there was an active, unit-specific, leak) in a condo?

Either, the buyer is living there (which means most relevant plumbing is common interest) or its a rental (which would turn this into a cash flow question, and still the pipes are mostly common interest).

[urbanrealtor]

[quote=cv2]I assume that their reserve is depleted right now and there are many delayed repairs that needs to be addressed now and in the near future. For instance, copper plumbing alone will cost about $5K/unit.

I totally agree with you that foreclosures in these type situations are a blessing in disguise to let people with financial means to fix it up. However, I do not see how investor will profit from this at the current market value of $70K and $90K.[/quote]
Not to be dense but why would you ever rehab the plumbing (unless there was an active, unit-specific, leak) in a condo?

Either, the buyer is living there (which means most relevant plumbing is common interest) or its a rental (which would turn this into a cash flow question, and still the pipes are mostly common interest).

[cv2]

Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.

[cv2]

Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.

[cv2]

Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.

[cv2]

Hi urbanrealtor, the article mentioned a plumbing problem. Although it claimed that they have found the problem and fixed it, since the old age of the building, it might be PVC pipes and eventually will need replacement to copper plumbing. Again, I have never been to the units and these are pure speculations.

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