Kim HandelmanArt Director / Real Estate Investor from Guilford, Connecticut
posted over 2 years ago
Hi all, I'm supposed to be closing on my first wholesale deal next week. And I just found out that there is a problem with the H OA not wanting a non-occupant owner to buy it. I dealt with the H away paperwork two weeks ago and the management company didn't say anything. We've resolved the situation but it was stressful in the future, whose job is it to make sure that these documents are done? Is it the sellers attorney? Buyers attorney? The buyer I found? Or me? I'm fine if it's me but since the attorneys got involved I've been a bit out of the loop they don't seem to want to talk to me. Just want to know who does what thanks so much.
Mary B.Real Estate Investor from Lansdowne, Pennsylvania
replied over 2 years ago
Regarding condos, unfortunately very often you can't trust the PM and it will usually be most efficient to just deal directly with the HOA President. I've heard so many foul ups and deals killed when dealing with them its not worth it. You have to perform due diligence anyway so its best to skip the PM in these cases. Since the 2008 crash HOAs have gotten much more strict on most of their policies (as if that were possible)in many states countrywide. My coin.
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