Buyer interested in condo in very nice, well known housing village - except for cracks in concrete. About 4 long cracks with significant crack entirely around outside post/whole corner of balcony? HOA fees are just over $300 monthly. HOA contract says owners responsible for interior and association for exterior. Haven't heard back from HOA and seller already moved out of state. She and Listing agent have been made aware but no feedback. No inspections have been made. Realize could offer credit to fix or lower bid - just wondering if I'm thinking right? I'm a new agent with virtual company, so no close mentor. Thank you for any advice!
The HOA likely is responsible but the question is…..is this problem widespread, do they have the money to fix it/them all, and are there plans to do so?
Concrete cracks. Just does. So are the cracks superficial or something structural? The listing agent isn't responding. The seller is anxious to move. One word: Surfside. If that condo collapse did not tell everyone on the face of the planet that inspections are critical and HOAs don't always do the right thing at the right time, then just go home.
Your buyer isn't under contract so you have nothing. You're not entitled to the HOA documents or it's financials...those are required at the time of contract. The fact that there is no response is a response. Quit allowing yourself to be held hostage and your buyer disrespected, and move on. Go find another property that is in good condition and has a listing agent who isn't afraid to be forthcoming.
Those with nothing to hide, hide nothing.
Yes this is an HOA responsibility. I've done this repair a few times.
Patricia is spot-on.....is it more widespread and do they have reserves to fix them all correctly? This is not a cheap fix.....
Seller already moved out of state. Listing agent just says no inspections have been made. HOA document agreement is on Internet for anyone to view. Surfside came up. Neighbors balcony looks nice and painted. Corner is worst crack but I think repairable - been doing research on my own. I'm in learning mode and was filling in for an open house. Wasn't expecting a first ever client and studying for Commercial RE. But trying to help out and more learning for me.
Thank you all for your replies.
As a realtor, be sure to stay in your lane. Unless you also have a contractor's license, you cannot give an opinion on whether that balcony can be repaired. And, just because the one next door looks nice, you have no way of knowing if it is structurally safe or not. It's not unusual to see structural integrity lost when walls are removed within units as well as more sinister construction flaws.
It's also important to know that most HOAs do not allow balconies to be painted, tiled, covered in order to keep a uniformed appearance. Also, the HOA docs are a must-have/read but its the financials that are the most important documents when assessing the value of a condo. If the HOA is responsible for exterior repairs but doesn't have the reserves to cover those expenses, it's problematic and devalues the property.
Best in your new career...it's definitely a challenging and rewarding one.
Thank you so much Patricia. No wonder I’m not getting any replies from anyone there! I appreciate your time in explaining to me.
Thank you Bruce. Wow - good to know. This housing area includes many professionals - several college sports coaches as well as other fields. I’m glad I was only curious to know answer and not involved in the deal! I was watching the engineer videos for Surfside and realize small things can not be ignored. So sad.