Condo Purchase and HOA Dues

[Ryan Patton]

Hello All,

Have a question that I wanted to see if I could get some input on.  I am looking at 3 condos in a complex that has a total of 32 condos.  The condos are typically priced about 65k-75k/each.  Have an opportunity to purchase two of these condos below the typical price.  These two have long term tenants in place.  The 3rd condo is a foreclosure, needs work and is priced accordingly.  

Here is my question: The HOA dues are $150/mth and it looks like an accounting firm handles this process. The outside of the complex is in need of major painting and other cosmetic work. Does anyone know what the process is to initiate a conversation about outside maintenance to the firms that handle the HOA dues? Before I purchase any of these units, i would like to at least know that these issues are being looked at or handled.

Thanks!

Ryan

[Linda Weygant]

@Chad Benedict is correct about talking to the management company. You can put an HOA document date and contingency in your contract if you want.

That is, you give the seller XX days to get you the documents and then you can break the contract if there is something upsetting in the HOA.

I went under contract for a condo and ran screaming when I got the HOA disclosures. The HOA had been ticketed by the city for vast and many property safety issues. The County Housing Authority had also put all owners of Section 8 properties in the complex on notice that the HOA had 2 years to fix all of the problems or they would be revoking all contracts at next renewal.

The list of tickets, lawsuits and other issues was about a page and a half long.  The concept that the county was giving them 2 years to fix the problems should indicate the length and breadth of the violations.