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Condo sale

Old 02-27-2021, 12:34 PM
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I have only bought one condo in my life and have it sold for cash. The buyer wants to do property inspection when I showed it to him (no realtor) he questioned the age and condition of the roof. How does it work if his inspector reports the roof as needing to be replaced? I only own one unit of a 4 unit building. Itís not my responsibility for paying for a new roof on a multi unit building. I already told him the air conditioning and hot water work fine Iím not replacing them
Old 02-27-2021, 12:39 PM
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Let him check it out and see what he counters with. You counter back and play tennis with the price for a while. It is all a game.

Have your rock bottom selling price in mind and dont settle for less.

Old 02-27-2021, 12:55 PM
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Originally Posted by barrell View Post
I have only bought one condo in my life and have it sold for cash. The buyer wants to do property inspection when I showed it to him (no realtor) he questioned the age and condition of the roof. How does it work if his inspector reports the roof as needing to be replaced? I only own one unit of a 4 unit building. Itís not my responsibility for paying for a new roof on a multi unit building. I already told him the air conditioning and hot water work fine Iím not replacing them
25% of the responsibility of not only the roof but all of the common area is yours. Now maybe the condo association has the funds to cover the cost but they have the legal power to slap an assessment on each unit owner. Unless the roof pre dates city or county records, or was replaced without a permit you should be able to confirm its age. That said if I was the buyer I would also want to see the most recent association budget and bank account statements.
Old 02-27-2021, 01:37 PM
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Should be money in reserves for the roof
Old 02-28-2021, 05:49 AM
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No this is a 4 unit building we split the expenses every year there is no reserve account the roof doesnít leak so to me that fine. I think im going to refuse to sign contract with inspection clause and wait for another buyer. The market is smokin hot in favor of seller right now this place is one block from one of the best beaches in south Florida for $179k. I have two ther buyers want to look at it this week
Old 02-28-2021, 06:40 AM
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Its a sellers market. Sell it on your terms and don't give it away.
Old 02-28-2021, 06:47 AM
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Should be able to get age of roof from county permit records online.

Tell them your selling as is with a firm price. Someone will buy it at your list price.
Old 02-28-2021, 06:55 AM
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Originally Posted by barrell View Post
No this is a 4 unit building we split the expenses every year there is no reserve account the roof doesnít leak so to me that fine. I think im going to refuse to sign contract with inspection clause and wait for another buyer. The market is smokin hot in favor of seller right now this place is one block from one of the best beaches in south Florida for $179k. I have two ther buyers want to look at it this week
Is the house actively listed? Having two interested lookers (if it is listed for sale) over the course of a week is not a smoking hot market. You can always move to another buyer, and hope the next one doesnít want an inspection or care about the roof... but thatís fairly normal.
Old 02-28-2021, 07:01 AM
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It’s hard to believe there are no hoa dues. Everyone should be kicking in every year for there share of the roof the paint the asphalt and a reserve for catastrophic failure. I hate HOA’s but no way I would buy into what your describing. It’s a disaster waiting to happen.
Old 02-28-2021, 08:22 AM
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Originally Posted by barrell View Post
No this is a 4 unit building we split the expenses every year there is no reserve account the roof doesnít leak so to me that fine. I think im going to refuse to sign contract with inspection clause and wait for another buyer. The market is smokin hot in favor of seller right now this place is one block from one of the best beaches in south Florida for $179k. I have two ther buyers want to look at it this week
You sound like the typical homeowner that thinks what they have is a palace with golden walls. Maybe you'll eventually luck out with an unsophisticated sucker, if in fact the comps in the area do not support your price. History has PROVEN this current cycle will not go on forever so time may not be on your side. O and just because a roof does not currently leak is not reason to ignore it. Roofs are basically designed to last just so many years and not knowing the age is an issue in itself and even more reason for a buyer to want an inspection. When they do start to eventually leak it's typically during our rainy season when roofing companies are backed up with work and the additional water damage will only add to the expense, and good luck in dealing with insurance in covering a claim.
Lastly; and generally speaking, as having not reviewed your condo documents, or knowing the CURRENT financials of each owner; not having enough reserves based on a budget that takes into account normal maintenance items such as roof, paint, parking lot, insurance, emergency's, etc. IMO defines a negligent BOD, and trust me yours is not the only one. In the past 10 years I've taken over 2 condo buildings with similar neglect, and immediately initiated changes. For example what will you do when a large expense pops up and all 4 do not have the needed funds available ??
Old 02-28-2021, 08:27 AM
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You can sign or not sign any contract you wish but it will shrink the pool of offers.
Old 02-28-2021, 10:06 AM
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just because the seller says the A/C and water heater works ,and the roof does not leak ,means nothing to the buyer.
inspections are needed by someone that knows what to look for
If every buyer took the word of the seller about things being sold everybody would be in trouble

Last edited by 99yam40; 02-28-2021 at 10:14 AM.
Old 02-28-2021, 10:21 AM
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Originally Posted by captbone View Post
Let him check it out and see what he counters with. You counter back and play tennis with the price for a while. It is all a game.

Have your rock bottom selling price in mind and dont settle for less.
Im getting full price. 178k on the beach is a deal. I dont have problem with the cash just the fine print .Property is as is.
Old 02-28-2021, 10:24 AM
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Originally Posted by 99yam40 View Post
just because the seller says the A/C and water heater works ,and the roof does not leak ,means nothing to the buyer.
inspections are needed by someone that knows what to look for
If every buyer took the word of the seller about things being sold everybody would be in trouble
Ive been played before where a buyre said there was moisture in basement and house needed a foundation ventilation system for $4500. They also claimed the hot water heater was to old at 5 years old. I caved because I needed to get to settlement to use the cash for the new house I was building. However neither item was ever done. Buyer just pocketed the money. I know because I had done a sub division and kept the adjoining land.
Old 02-28-2021, 10:27 AM
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Originally Posted by SplashFL View Post
You sound like the typical homeowner that thinks what they have is a palace with golden walls. Maybe you'll eventually luck out with an unsophisticated sucker, if in fact the comps in the area do not support your price. History has PROVEN this current cycle will not go on forever so time may not be on your side. O and just because a roof does not currently leak is not reason to ignore it. Roofs are basically designed to last just so many years and not knowing the age is an issue in itself and even more reason for a buyer to want an inspection. When they do start to eventually leak it's typically during our rainy season when roofing companies are backed up with work and the additional water damage will only add to the expense, and good luck in dealing with insurance in covering a claim.
Lastly; and generally speaking, as having not reviewed your condo documents, or knowing the CURRENT financials of each owner; not having enough reserves based on a budget that takes into account normal maintenance items such as roof, paint, parking lot, insurance, emergency's, etc. IMO defines a negligent BOD, and trust me yours is not the only one. In the past 10 years I've taken over 2 condo buildings with similar neglect, and immediately initiated changes. For example what will you do when a large expense pops up and all 4 do not have the needed funds available ??
Comps less then 6 months old show values of 190k 220k 229k for a 2/2 all within a mile and not as close to the beach as this unit.
Old 02-28-2021, 10:30 AM
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Originally Posted by oceandansar View Post
Itís hard to believe there are no hoa dues. Everyone should be kicking in every year for there share of the roof the paint the asphalt and a reserve for catastrophic failure. I hate HOAís but no way I would buy into what your describing. Itís a disaster waiting to happen.
We have owned it for about 8 years we pay 1/4 of insurance,landscaping,water/sewer, trash pickup,utilites that are common and maintenance done that year. What we dont pay is a reserve for future unseen problems. We pay $225 per month
Old 02-28-2021, 10:37 AM
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Well in Florida it’s required
Old 02-28-2021, 11:09 AM
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Even in a sellers market, even most un-informed/uneducated buyers will do some due-diligence when buying a condo, and want to look at assessments, monthly fees, status of the reserve funds, etc. If they're getting a mortgage, many of those mortgages require some of those facts. Even if they're paying cash....most buyers would want to know some of that stuff. Documented on paper...not just by "word of mouth"..which we all know can be incorrect, or change.

The "gentlemens agreement" you appear to have had with your 3 neighbors may have worked well for you for some time now, but...you're likely to have to put up with answering these questions if you're selling. It's common for buyers to ask about these. And actually it's important for them to know.
Old 02-28-2021, 11:22 AM
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Originally Posted by barrell View Post
Ive been played before where a buyre said there was moisture in basement and house needed a foundation ventilation system for $4500. They also claimed the hot water heater was to old at 5 years old. I caved because I needed to get to settlement to use the cash for the new house I was building. However neither item was ever done. Buyer just pocketed the money. I know because I had done a sub division and kept the adjoining land.
so you agree that no one should just take the word of someone else.
good idea to have an inspection done by an expert

Last edited by 99yam40; 02-28-2021 at 11:29 AM.
Old 02-28-2021, 11:27 AM
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We sold our condo in Florida last year. The day of closing the bank said HOA doesn’t have enough money in reserves and they wouldn’t fund the loan. Long story short the buyer had to put another 15% down to get past this. It took an extra week for him to get the funds and prove they weren’t borrowed. Thank goodness he had the money and thank goodness we are done with condos and HOA,s.

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