Requested PMI removal then had a major common element leak

2 Replies

I had just requested removal of PMI on my condo when the following week a major snowstorm in Chicago dumped over a foot of snow. Before I could get the appraisal appointment scheduled, the snow started to melt and the freeze/thaw of all that water caused a leak in my unit. The leak & fix are solely the HOA's responsibility, but it has caused extensive damage to my unit by leaking a liter an hour into the unit. After removing the drywall and investigating, I found that there had been a slow hidden leak for some time eroding the mortar on the interior wythe of bricks, so now they can be easily removed from the wall by hand. All of this damage is fully contained within a small sun room, but the room is a complete disaster. We've done all we can do to mitigate further damage by removing snow from the roof, icicles from the windows, putting buckets out for the water and removing everything that got wet, but I'm at a loss for next steps besides "wait until spring."


Is there any chance that I can get a reasonable appraisal with a disaster room? I'm looking for a flat appraisal of the original purchase price. I have done significant remodels in other areas of the condo to offset the value drop, but I'm concerned about an immediate failure for uninhabitable space. 

If I do get the appraisal done and it comes in lower, are there any long-term considerations? Obviously I lose the PMI removal petition, but are there other consequences?

Have you experienced this type of issue and have any recommendations? The contractors I've talked to all say nothing can be done until spring, which makes sense but is incredibly frustrating. I'm also completely reliant on the HOA to fix this as all three stories of units are impacted.

I am dealing with a similar issue. And I am on the HOA board. My road block to getting any resolution is the property management group we contract with for guidance.

My group has an hoa meeting every quarter.  Maybe you can see if they will let you attend to talk about the issue.  

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