This site by Mr. Birding is a great resource for a community like ours. He is an attorney who has vast expirence in this situation that is new to most all of us. Click on the links to his site and/or booklet he wrote.
http://www.berding-weil.net/pdf/uncertain_future.pdf
http://condoissues.blogspot.com/2008/02/when-market-value-slips-out-back-door.html
6 comments:
The pool is turning green. One of our beautiful fountains has been drained for some time now. We have little to no hot water. People are worried about their places not selling. It looks like we have just given up on this place. Its no wonder people are having a hard time selling here. We need to keep this place at least looking good. The pool area is a major site in our complex. How is it we find it OK to just decide to let this area go???
THE POOL!?! I need my HOT WATER fixed before anything else!!! I cannot put my condo up for sale as it is now. And your worried about the pool!?! You need to prioritize.
I for one very tired of this website telling the world about our community problems. I want all who post here to come to the next meeting and talk about it there. I am trying to sell my place and it seems people are looking and finding this website. Please stop this online posting of your complaints. Make a point to come to the board meeting where you will be heard. Stop posting your complaints on this website.
NO! Don't stop telling the truth about our community. Especially if you are attempting to sell.
Option A) let’s just say (hypothetically) that you are the seller of #107 and you are asking $179. If you would be willing to accept $169 then you must discount the $10,000 for the plumbing and maybe an additional $5,000 for the trouble bringing your sale price to $154,000.
Option B) I prefer this option where you go door to door around the community campaigning for a yes vote on the plumbing project. Next, the work is approved in a week or two at the annual meeting and then the complaining stops. After that, the need to have a venue (blog) is no longer necessary because people have constant running water with pressure that is neither scalding nor cold only. This blog is not the problem besides, your liability to your buyers for not disclosing this well documented information would be far greater that the measly $10,000. Look at this as a $40,000 savings from the $50,000 lawsuit you avoided!
Option C) if you cannot pay off your mortgage with your $140,000 (after commission and closing costs) then you should ask your realtor to begin asking your lender for short sale approval. Your realtor can explain the details.
Option D) Stop paying your mortgage and association dues. The math for sharing the cost of Parkridge repairs are calculated on 130 units not all 136 to account for those in foreclosure. You then begin saving about $1,800 per month until the OC Marshalls kick you out in 6 months to a year. You then use your $15,000 – $20,000 (don’t go to Hawaii or buy an SUV) for first and last on your apartment. I know you don’t care about the people who will continue to live here but the assessment will be collected from escrow when your bank sells your condo to our new neighbor.
In 7 years until your credit may once again be worthy of a substantial purchase. The good news is that you will now be able to call the apartment manager whenever something is not working correctly. The reason the owner of your apartment building will authorize the expenditure will be to maintain his investment. All real estate requires maintenance and repair.
Did a board member write that last comment?? The bank will probably (I don't know)tell you no by that point regarding a short sale. For heaven's sake, if you don't have the money you don't have the money. For all of you reading this who do not have thousands sitting around, VOTE NO ON THE ASSESSMENT.
Ok, I think everyone understands if you simply don't have it...I don't have it either. But offer an alternative, a suggestion, a payment plan that(the volunteer) board did. And no, I am not a board member and have never been. I don't plan on volunteering either due to the lack of gratitude and appreciation from neighbors like you.
Get 2 new credit cards. Take out a personal loan. Seriously, have you looked into a short sale? It's sounds like you may be "upside down" meaning you owe more than the proceeds from a sale would generate? Call your lender and ask. You could be out of here (as you wish) and Parkridge could get the assessment money from the new owners. Sorry if I came off harsh but I plan to live here for a long time and have pride in this place!
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