my question and I mean this with all due respect is: if the association has no money and there is no board (I'm guessing that's why there are no meeting minutes) why do you want to live there? If the Association has no money in reserves if something happens (like major rain storms wreck the roof or the plumbing main for multiple building..craps out) there is no money to repair it and you have to pay for it out of your own pocket or face a special assessment. If there is no money, the common areas must look like hell. If there is no board, how does anything get done or taken care of? Does the Association's Attorney do it? Who is managing the money that comes in from the dues?
If the reserves aren't funded, you may not be able to re-fi. If the delinquency rate is high- ditto.
If you get this place, get the best damn insurance you can afford. Pay extra for the special assessment insurance rider. You might need it.
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branchandroot
no subject
Date: 2009-07-28 02:47 am (UTC)If the reserves aren't funded, you may not be able to re-fi. If the delinquency rate is high- ditto.
If you get this place, get the best damn insurance you can afford. Pay extra for the special assessment insurance rider. You might need it.