All Forum Posts by: Account Closed

The Reserve Study outlines components of the property (fencing, roofs, decks) that are beyond their useful life. There is a cost documented for each item in there. And it’s done by a licensed professional. I’ve talked to two appraisers that are hesitant to dig that deep….does that seem normal? 

My imagination is in the event of a sale, the purchasing party would see HOA Meeting Notes, Budget, Reserve Study. So they would probably want to negotiate down a price if it looks like each unit is on the hook for $50,000 each. That's just the components that are beyond their useful life. There's more in the next 5-10 years with only a $3,000 in the HOA account…

Trying to offer ex an amount for condo were both on title and mortgage for. How do I get an accurate value based on HOA financial health and interior defects? Something in writing I can use in court to argue what the buyout value should be. Of course ex wants the Zestimate

Appraiser came by a year ago and didnt ask for any HOA financials (said none provided in report) and said any visible issues would only resort in a "cure cost" factored in the value. I dont understand why it wouldnt be appraised as is?

HOA has a Reserve Study outlining $400,000 in outstanding work that needs to be done between the two buildings and property. It reflects components of both buildings and community areas beyond their useful life. Roofs, Balconies, Fencing, Planters etc. With 8 units that is potentially $50,000 per unit. There is only $3,000 in the total HOA accounts.

Condo has alot of issues documented in a Home Inspectors Report. Deck is falling down (covered by HOA) but has resulted in an ongoing ceiling foyer leak. Same wall has an exterior defect that allows water to intrude through stucco from below due to no weep screet and soaks the base wood frame. Was previously rotted but replaced awaiting HOA fixing exterior. Inspection also reflects a Furnace leak needing replacement, six rotting french doors, 1/2 bath shoved in with grinded down and re mudded up drywall and some other minor issues.

Is there a special kind of report to include these factors in a value for an as is sale? 

She has refused to counter any amounts offered and were on path for a settlement conference and then hearing trial on the property.

I’d like a document in hand stipulating an as is value I can just offer to buy her out on. Or if she refuses it will possibly hold up in front of a judge to have them set a buyout price.