Hey everyone, looking for advice.
We have owned a condo (3/2) for 10+ years and the market is now favorable for selling.
We have had two full price offers both of which terminated during due diligence due to subtle structural damage, moisture, and rusting on the old cast iron pipes under the common building. This was found by the inspector on the first contract (who actually should not have had access to the common space under the building where he found that damage). He unfortunately was the same inspector for the second sale.
This is clearly going to be an issue as we will need to disclose to any future potential buyers.
I contacted our HOA. Apparently the second buyer terminated rapidly after talking to neighbors who told her the HOA is very slow and reluctant to proceed with repairs.
If any of you guys have dealt with a similar situation we would love the advice. I wonder if there is a legal leg to stand on to force the HOA to proceed.
The complex is made up of several different buildings, some with 3/2, some with 2/2 condos, and some with 2/2 townhouse, so the structural damage is unfortunately pertinent to our unit of 8 dwellings (4 front, 4 back). It seems that the rest of the HOA would be less willing to use the condo coffers to pay for it.
Thanks in advance!
@Beth Chang this is definitely a HOA issue and should be repaired by them. You might need to send them a letter by an attorney specifying the unsafe structure. Not sure how long it would take for this to be repaired. Your better off disclosing this to potential buyers for a lower rate just to move on. Hope this helps.