Good news and bad new (first the BAD):
My condo is currently (or WAS) in escrow. I got a call from my realtor last night. My condo's escrow fell through. I disclosed to the buyers that there are plumbing problems in my unit and said there are plans to replace the plumbing and there is most likely going to be an assessment, although I'm unsure how much. So, the buyers called our Management Company to find out the details and DESIREE from the Management Company painted a hideously GRIM picture to them. She came out and TOLD my buyers details that I didn't even know yet! She said that we will be having a $13,000 assessment (Yes folks, not $10,000 like was hinted previously) AND she told them that they won't even FIX the water for 4 years so my buyers would have to put up with COLD water for 4 years! I called Desiree last night and left a rather hysterical message for her. I've never sued before, but I sure feel like suing that management company for doing that to me. I was willing to compensate my buyers and work out these issues in hopes they could tolerate the water problems, but now my buyers are rightly ANGRY. HOW DARE she tell my buyers these details without even first telling all the actual homeowners this information??!!! Have any of YOU gotten any formal word on this? I sure haven't! AND, second off, it is suppose to go out for a vote, isn't it? It was hard for me to disclose the entire situation to my buyers as I thought it was all still up in the air, but Desiree sure indicated to my (EX) buyers that there is a definite PLAN in place.
Unless you're sitting on a $13,000 wad of cash (which I'm sure not), please read on......
***THE GOOD NEWS************
WE ALL NEED TO CHECK OUT OUR HOMEOWNERS INSURANCE POLICIES!!! In condo policies there is something called "Loss Assessment" coverage. I checked my policy and I DO have it on there for $10,000. I encourage EVERYONE to check their policies TODAY. If you don't see it on there, call your insurance company ASAP and add it on NOW. The coverage only costs around $5.00-$8.00!! Mine was $5.00.
Also, isn't there some law that hot water needs to be provided for sanitation purposes??? Our situation is unacceptable. I have been putting up with this for 7 years now and I'm so over this!!!
15 comments:
I have only lived in the complex for about a year and a half and I feel as if my husband and I have been "nickled and dimmed" by this association. Honestly I do not see where our money is going. And I am very angry that in this economic time that this association actually thinks that people are going to be able to come up with $13,000!!!! This is ridiculous! People are losing there jobs, they are losing there homes, and all I've heard since I moved in was piping this and slab leaks that. Where is all this money going??? We just got done paying a "special assessment" and now another one of greater proportions is starting up again! I honestly feel like this association is taking advantage of the housing market situation. I will not pay!! And I will actively protest against this. If I have to go door to door. I will. For the person that posted this post, I sympathize for you. I would be furious with the management for getting involved in your sale. This is just a very upsetting situation!!!!
We just got the notice regarding the details of the assessment in the mail today. There are two options, 1. Pay $9850 in two installments this year, or 2. Pay approx. $13,000 over the course of 5 years. My vote is for $9850 now. This work needs to take place ASAP so that sellers like you, and eventually me don't have to tell buyers that there will be several thousand dollars in assessments over the next 5 years.
Also, don't get too excited over your loss assessment coverage. I work in insurance and am familiar w/ this coverage (I have it myself). This coverage is only provided if a covered peril is the cause for the loss assessment. If you check your policy, I'm fairly certain that you will find exclusions for wear and tear, deterioration, etc. which are the causes for all of the issues around our complex.
-Greg, #86
Sorry to give you bad news. I am an insurance agent and property owner. The Loss Assessments would not cover this for us.
It only covers in the event of a special assessment due to a covered loss where the master association policy is lacking.
Not for maintance or repairs.
sorry
To the person who posted, I feel for you. I would probably be livid myself if I were selling and wasn't honest with the sellers, which, I'm sorry if I'm wrong, it doesn't sound like you were. (I work in real estate, so let me say this-you dodged a bullet there by having your property fall out of escrow. You could have had a huge lawsuit against you for not declaring the special assessment.) How can you not say that this wasn't coming? All the correspondence from the association has said that this was coming, a big meeting was held that said we were having an assessment, and it seems like that's all the association has been talking about. True, it wasn't in writing yet, but it was coming. I hope you can negotiate with your prospective buyers at least to come back. It is a nice community.
Keep in mind I am voting no on the special assessment myself right now because I simply can't afford it. My rainy day fund, as the president mentioned at the meeting, that I should have has gone down seriously these past few months. (Can I get an Amen here??) However, I have owned here for a few years now and can see that necessary repairs have not been done (Um, look at the pool...) in awhile. Owners, we will all have to step up to the plate WITHIN REASON and fix these things. Right now though? The board is going to have to do some serious pr here to get us all on board within reason to get things done.
Stefanie, look on the back of your association newsletter. It shows where all the money is going each month. That is the one thing I do like about this board. They do say where every penny is going, compared to other years that just kept us in suspense and shocked us at the end when they said we have no more money. (PS-you are a good photographer!)
I hope someone from the board is reading this and sees that yes, we will step up and do what needs to be done, but within reason. We can't do it all at once! How many owners can seriously afford to?
Just to let one of the anonymous responses I received know, that I did tell my prospective buyers about the water problems I have and I did say that we are expecting around a $10,000 assessment, but I hadn't heard yet. What made me mad was hearing what the management company relayed to my prospective buyers far worse than what was ever told to me - she quoted a dollar amount that hadn't reached us homeowners at the time and she stated that it wouldn't even be fixed for 4 years. All that was news to me, so I couldn't relay the true extent of it to my buyers, but our management company sure did. No, I don't blame my buyers for being mad and dropping escrow.
Thanks MUCH for the note on the homeowners policy assessment coverage. My dad said that it sounded too good to be true and I tended to believe him when I really thought about it. My insurance people said I could use it for that, but I think they misspoke with inaccurate information.
Nonetheless, can I please ask everyone to what extent you have water problems in your homes?? In my unit, I ONLY have hot water out of ONE shower. In ALL my faucets and the other shower, I have to let the water run about 10 minutes before it comes out barely luke warm. On rare occasions, I get a little better than that, but not often. It's intermittent.
I'm considering contacting the Health Department as I have no HOT water to wash my dishes. Any thoughts on that??? Any suggestions???
If we vote NO on this assessment, it will NEVER get fixed. It's a two-edged sword. I don't have that much money either.
I believe we are all PAYING for a horrific mismanagement of our association dollars. BUT, I'm afraid it was the prior management company that was to blame as this one hasn't been with us all that long.
I've been sending scathing letters to the management company since December 5, 2002 (the date of my very first letter). That's how long I've been tolerating the water issues I'm VERY sorry to say.
If it were me, I would go back to the boiler company. It worked PERFECT before they changed out the boiler. They need to put in a new one or our maangement company should begin recourse against them. I'm not sure why they don't hold that company's feet to the fire.
I apologize for my comment then. I have heard so many stories in my job for people who didn't disclose property information that it would make your head spin. I really do think you had smart buyers who just did their research that we probably all wish we would have done when we were looking here. I certainly wish that I would have ran the faucets!
I don't think that a no vote on this assessment will mean that nothing gets fixed. Things have to be fixed, and unfortunately, that means we have to pay for them. The board should have thought up a plan though that would not make everyone have a heart attack as soon as they opened their mail and saw the asessment amount. (I think they knew all along that it would be this much and didn't say anything to fear the backlash.) What about doing a phased plan to get all this fixed? Yes, it probably will cost us more money like what was said at the meeting, but at least we will all be able to pay for it.
Like I said before, I am personally voting no right now. Please board. PLEASE make the assessment amounts REASONABLE so that EVERYONE can afford this!
I think contacting the health department is a great idea! We need to get the water fixed now. If this means paying for an assessment then so be it. This problem has been mismanaged from day one. Maybe if the heath department got involved we could finally see this problem get resolved and our home prices might even go up.
To all of you, best wishes on getting anything fixed without putting up our money. I have read my assessment information and I see a plan. I'm paying the $9850 and I remember the board telling us at the beginning of 2008 there was going to be about a 10,000. assessment. I go to all the board meetings sounds like you people don't. I'm sure I didn't see anyone else's name running for the board except those who have given their time and at least are trying to fix the water.
Those of you considering a call to the health department or selling your condo should be leading the charge to approve the assessment! I do not have $10,000 lying around and certainly do not like the thought of spending/borrowing so much to generate zero upgrades and only "maintain" what we feel entitled to. However, if you are going to own a car is it short sighted to claim no funds to change the oil...SAME THING! I suggest for those of you selling simply list the $10,000 discount within your asking price and get out so those of us who plan to live here can get on with making this community more livable. If you feel compelled to identify someone or some organization to blame so be it. That is not a simple blame game with so many different management companies over the years and so many VOLUNTEER board members. The board is not "they" the board is WE! Volunteers! I for one am very thankful for all of the dedicated work these people have donated to us (non-volunteers) and thank them for developing a plan. All the rest of us have to do is allow the plan to be executed. Again, I do not have $10,000 but there is no choice! If you would like to be able to sell your place some day with out discounting far below current market value (still dropping)...vote yes! Our posts and comments on this forum make it very easy for perspective buyers who can spell G-O-O-G-L-E to investigate our dirty laundry and sub par living conditions. I thank Sally (Kelly, Kim...) for her leadership, dedication and vision to bring us this far since the previous board leadership almost bankrupted us and allowed this well know situation to fester. Howard
I second that Howard. Calling the health department will do nothing. What do you think they will do, fix our plumbing for us? At best, they'll ask the association to do what they're already trying to do...pass an assessment to fix all of the problems.
I also agree, that no one can claim ignorance any longer, this assessment has been discussed for well over six months. You can't complain about the hot water from one side of your mouth, and then complain about the cost of an assessment to fix the water issues from the other side. I personally would like to see the assessment pass so that we can put all of this behind us, and hopefully start to see our property values begin recovery.
From what I have been told (by the right people) if the heath department gets involved the association will be forced to get the hot water fixed. And, not within this projected 4 year time line but much sooner. I for one am tired of paying these association dues just to have the fight over what we are ENTITLED too, HOT WATER!!! Its just time we all put up the money to get the hot water fixed for good. Lets just say if we invest the money we will all live a lot happier lives in this beautiful community. As far as the pool and fountains are concerned I say we get to that after the water issue is resolved. Remember HOT water is the most basic need for healthful living.
I read my assessment and the one year plan says that everything will be fixed this year. A "YES" vote fixes the water, roofs, and dryrot in one year. Read it again.
I do not have $10,000. Plain and simple. I don't have it therefore the association isn't going to get it and they can just lump it.
Get a loan then. You probably couldn't afford to pay cash for your unit, but you bought it any way right? It's called credit, look into it.
Good grief. Banks are so much tougher now with getting loans. If it were a few years ago, I'd agree about getting a loan, but not now. God help us if this passes.
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