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Updated almost 10 years ago,

User Stats

75
Posts
17
Votes
Andraise Scott
  • Laurel, MD
17
Votes |
75
Posts

Uncooperative HOA mngr - help!

Andraise Scott
  • Laurel, MD
Posted

BP, I need some advise here:  I have a contract in on a condo in CT.  All was going smoothly with underwriting and actually ahead of schedule....until!  The processor called and said I needed to have flood insurance on this 2nd floor unit.  Well, the current owner of the unit doesn't have it, never has, other unit owners don't have it and never have.  In fact, no one in this 12 unit building has ever had it.  There IS a small river near the property.

They checked again and double checked and came up with the same conclusion.  I immediately contacted my insurance agent, purchased a policy and submitted it.  All was good again, until .....

All other conditions were cleared. The lender said that they could not release to close until the building showed proof of flood insurance on the master policy. The property manager was contacted and made aware of the situation. Apparently, he said he had no interest in the HOA purchasing flod insurance. He has since been unreachable and the whole deal is on hold until they get flood insurance. Meanwhile, at least one other resident was contacted directly by her mortgage company and was told that she now needs to have flood insurance which she did immediately purchase.

The sellers attorney and my closing attorney are apparently both trying to get to this guy.  But, is there anything else that can be done?  It's also messing up other potential deals for me since I can't move money until I close this one. What can i do?

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