Real Estate Investor · IL · Member since 2016 · 39 posts · 3 votes
Hi BP Community,
I'm interested in a property that has violations against the HOA. Has anyone encountered this before? If so, how have you handled the situation?
Violations are:
1. Failed to maintain exterior walls of a building or structure from holes, breaks, loose, or rotting boards or timbers or any other conditions which might admit rain or dampness to the walls
2. Failed to maintain exterior service walks, passage, and areaways in clean, sanitary, or safe condition
3. Failed to maintain stoop in safe condition and sound repair
Do you generally walk away from these types of purchases?
Thanks for your help!
What you read off where the actual codes that where violated, these could be check on the City web Site to get what the exact problem is. Pm me the address and I'll check it really quick
I would talk to the Board of the HOA and find out if they'll reduce or forgive the fines associated with these violations in exchange for a performance bond that you'll get it all fixed.
Most HOAs just want the stuff fixed. The money may be less important to them. Then again they may be in financial distress and so then they'll want the money for the fines in addition to getting the issues fixed.
I wouldn't necessarily walk away from it, but I'd make sure that the costs to repair plus the costs of the fines still make sense in the overall deal.
I'm interested in a property that has violations against the HOA. Has anyone encountered this before? If so, how have you handled the situation?
Violations are:
1. Failed to maintain exterior walls of a building or structure from holes, breaks, loose, or rotting boards or timbers or any other conditions which might admit rain or dampness to the walls
2. Failed to maintain exterior service walks, passage, and areaways in clean, sanitary, or safe condition
3. Failed to maintain stoop in safe condition and sound repair
Do you generally walk away from these types of purchases?
Thanks for your help!
I would find out where the HOA is at with the process of repairing it. If they don't have the money the owners are going to get a special assessment which can be 10's of thousands of dollars. As soon as a special is levied against the owner it has to be disclosed