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Updated 3 days ago on . Most recent reply
Issue with HOA being hostile to out of state investor and challenges with them.
We are purchasing out of state from California and about to close on a condo Montgomery AL, and we are having difficulty trying to get documents (HOA questionnaire, budget, and balance sheet) for the lender to get funding. They just recently submitted a partially completed questionnaire and we are working with them to get a budget and balance sheet completed and submitted. I was told that small HOAs don't do formal budgets? But now I received a message from someone on the HOA board about how homeowners are upset that a real estate investor is purchasing the property and wondering why someone from California would purchase in their city (even though the HOA isn't taking care of the main area and the exterior very well). With this being said, I plan to respond by saying that a homeowner probably wouldn't buy it without repairs? To make this situation any more unique it is also a probate sale. Any thoughts on how to respond or whether to proceed on the deal? We have a call scheduled tomorrow with them to get the information needed for the lender. Any help is appreciated. Thanks