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potentially fraudulent coop mgt company

Started by marco_m
almost 16 years ago
Posts: 2481
Member since: Dec 2008
Discussion about
can I withold maintenance until things are corrected? I also think they may be cooking the books. They say they have plenty of money but are dragging thier feet on the building improvements that they have said they would do. anyone have any experience with this ? i guess this is welcome to the joys of ownership.
Response by columbiacounty
almost 16 years ago
Posts: 12708
Member since: Jan 2009

I thought this only happened in rentals.

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Response by drdrd
over 15 years ago
Posts: 1905
Member since: Apr 2007

Don't withhold your maintenance. Call your attorney who helped you buy & see what they say.

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Response by kylewest
over 15 years ago
Posts: 4455
Member since: Aug 2007

Where is your coop board? How big a building is this?

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Response by marco_m
over 15 years ago
Posts: 2481
Member since: Dec 2008

16 units. very loose board. only 15% owner occupied. Ill call my lawyer on monday

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Response by Riversider
over 15 years ago
Posts: 13573
Member since: Apr 2009

Marco, didn't you just close a few months ago?

Building improvements take time. In all likelihood there is no cooked books, just a slow process. And withholding funds, will only result in a lien. Perhaps you should speak to them and express your concerns.

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Response by marco_m
over 15 years ago
Posts: 2481
Member since: Dec 2008

riversider...the voice of reason. I closed the end of september. so what ur saying is that i should stop blowing up thier email box??

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Response by Riversider
over 15 years ago
Posts: 13573
Member since: Apr 2009

LOL...
Slow repairs does not equate with misappropriation of building funds and the like. No idea what the building improvements are but the building may be speaking to engineers or consultants, taking bids, figuring out if their own staff or contractors will do the work and budgeting and managing the cash flow for what's being considered.
And if it's a small building there's always the question of how much of the work is being done by the board vs the management company etc who also must be concerned with the day to day, etc.

I'd hold off on blowing up the email box for now.

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Response by romary
over 15 years ago
Posts: 443
Member since: Aug 2008

sure fire way to get yourself disinvited to any bldg hollydaze parties after what, 6, 7 weeks? board was loose and 15% oo when you bought.

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Response by Riversider
over 15 years ago
Posts: 13573
Member since: Apr 2009

16 units of which 15 are occupied? ( 16 * 15% =2.4)

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Response by marco_m
over 15 years ago
Posts: 2481
Member since: Dec 2008

not major repairs. Painting common areas, etc

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Response by Wbottom
over 15 years ago
Posts: 2142
Member since: May 2010

Sell the place..since you've made such good friends there already

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Response by CondoPresident
over 15 years ago
Posts: 133
Member since: Nov 2010

never withhold your maintenance...case law dictates you will always have to pay it up (now or later) and even if you've been egregiously wronged.

riversider is correct in that slow does not mean misappropriation BUT that doesn't mean you shoudln't fire off a letter (not an email) expressing your displeasure.

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Response by huntersburg
over 15 years ago
Posts: 11329
Member since: Nov 2010

The building is only 15% owner occupied? Or the board?

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