Condo Purchase With No Financials?
So on contract to purchase condo. We were scheduled to close last Monday and seller's attorney, and property manager never provided YTD P&L, last year P&:L this years budget. The only minutes that were provided were 4 years old. No properly organized amendments to DECS. I am under the impression will never receive all the information normally expected. It is a 9 unit building, my gut tells me they should have about 120K in reserves, they have 6K, so taking the position will be going in upside down $12,666- and at least 1/2 of that will bite me in the azz over the next 8 years, between association fee increases or special assessments. I really like the location, won't mention it, at the odd chance RE agent is reading. Digress, my thought is to ask seller to cover all the closing costs to make amends for not closing on schedule or providing needed documents for proper evaluation. No Mortgage, should be about 800-1000 to covers buyers side of everything. Does that seems like a reasonable request?