bid on REO condo likely accepted, but found out about $25k special assessment

[Curtis Preston]

I realize a lot of you are investors but I just have this one condo I'm zero'ing in on to live in. If you could help out with any advice I'd appreciate it:

As far as I know, we should enter contract soon, but I recently found out there is a proposed special assessment which would be $20-25k for this condo.

My bid was without this in mind, and from what I understand, it is within reason that the bank did not know either.

How likely is it we (I'm working through an agent) can get the bank to drop their price 25k? Here's the numbers:

215 list
205 (likely to be accepted) bid
250 bank's appraisal (not sure from when)
20 to 25 for proposed assessment (from talking to one of the owners at the complex)

[Rich Weese]

The reason I REALLY don't like condos. Those extra, special assessments that can sprout up at the most inopportune times. Rich