In my next series of question, I want bring to your attention that I was aware of a huge lawsuit against my building along with about 8 foreclosures that is making it impossible for people to get a mortgage here unless they are a cash buyer. In addtion as an owner, i knew a little about the lawsuit, but not alot. It became more important to me when I went to a board meeting and found out (along... [more]
In my next series of question, I want bring to your attention that I was aware of a huge lawsuit against my building along with about 8 foreclosures that is making it impossible for people to get a mortgage here unless they are a cash buyer. In addtion as an owner, i knew a little about the lawsuit, but not alot. It became more important to me when I went to a board meeting and found out (along with the paperwork), that it is a 23 million dollar lawsuit that is going to court in May. Should we lose, each apartment (it's a condo), will average a $ 40,000.00 assessment per apartment! Well, my broker knew only what I knew (which I found a bit shocking since this has been going on for a few years). Isn't it the brokers responsibility to know about the financial health in a building if they are trying to sell an apartment in it? It seems logical to me. He knew practically zilch outside of what I told him verbally and by xerox pages from the financial reports deep into a deal his was trying to work out.
Well, as a result of the activity above, I had an accepted bid in my same building for a larger apt. and was hoping to go to contract with a buyer for my place, ( a difficult maneuver as most of you know), and the day prior to the contracts going out for signature, my buyer through her broker reduced her bid to me by $ 25,000.00 due to the due diligence her attorney did on my building concerning the lawsuit. I wasn't prepared for that especially knowing I was plannning to buy in the same building, and if I took the loss on my apt, come May I may have to come up with another $ 30- $ 35,000 on the place I was about to buy.......what a mess!
So my bottom line is how much should a broker know about the building in which they are selling, the financials, the number of owners vs. renters, the ability to get storage unit, even the locations of the washer dryers! It would seem to me that if you are about to sell something several times more than a new car, it is incumbent that you know as much as possible, or perhaps use a broker that sells many units in your building.
Your comments please. (sorry for the lenghthy descrip. I just want all the facts to be clear).
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