Condo units behind on maintenance

in this market, make your offer and your attorney will reviwe it .

Agree on a number and then do your diligence. You can always retrade the deal if you find something material.

Is this more of a factor in condos or co-ops? (or both equally?)

This makes no sense. So if X number of units are in arrears you are going to ask for a price reduction? ON what basis? And why would these supersede any other issues with the financials?

Would be good for AboutReady to chime in here.

Is that what aboutready does? Chime?

AR told us about her condo where an owner had been paying maintenance but had not been paying the bank, so she might have an interesting point of view.

Paying maintenance is something condo owners just don't do. But I'm still wondering if AR chimes.

Would you prefer if she beeps?

If there are enough condo owners behind in their maintenance the income for the condominium will come in short and will increase the maintenance for everyone else so that will affect your overall cost in combination with your mortgage.

hc6219, you and your lawyer will eventually see the end-of-year financials. That'll give you a total Accounts Receivable number, but not number of units in arrears and their amounts.

What you want to see is the report that details who's in arrears, for how much, and for how long. Each board member gets a copy every month. You shouldn't plan on your seller being inclined or able to finagle a copy from a board member or the managing agent, though.

What you could do is check ACRIS for Liens of Common Charges filed by the condo. It'll be amounts, rather than how many liens there are, that'll be useful. E.g., the condo at 75 Wall filed ten liens yesterday. I looked at three. The amounts were ~$30K, ~$20K and ~$2K. I'd want to know WTF the condo is doing, letting arrears get so high before filing. If you're interested enough, you'd look at the condo's liens for a whole year in the 30-day chunks ACRIS allows. That'd give a sense of how things are run, but it wouldn't be conclusive. For that you need those monthly reports, the very ones you're least likely to get.

As others have said, say CCs instead of maintenance when dealing with your seller, etc. Otherwise they'll think you're ignorant.

Remember the articles from a few years ago about buildings shaming their derelict residents?

NWT, I was under the impression that a large number of continually delinquent shareholders/owners (whether co-op or condo) does not look good in the eyes of a lender, and could make things difficult when trying to get financing. Is this at all true?

NWT: Silly Sonya doesn't understand your comment:

"...I'd want to know WTF the Condo is doing, letting arrears get so high before filing..."

What makes you think that I didn't understand that comment? That comment was about the condor's behavior, I asked a separate question regarding how delinquency looks in a lender's eyes.

(Oh, you try so hard.... please do keep it up, it's amusing!)

condo's*

Sonya_D, I have nothing against you, but it's downright unladylike to find amusement in someone else's mental disorders. Especially someone who tries so hard.

LOL!
(and, let's just be clear -- who said I was a lady??)

oops

Meh. Shared computer at this office.

Still hoping for some chiming from Aboutready.