All Forum Posts by: Jimmy Marsh

@Joe Splitrock @Michael K Gallagher Thanks for the replies.  The numbers still do work.  Appraisal came in $10,000 over sale price, so that's good, as long as we don't have to replace a roof anytime soon.  But I did pay full asking.  

There are only 36 units in the association. We estimate the roof replacement would be upwards of $400,000+ (maybe more in todays material environment) The HOA financials have nowhere near that amount in reserve. ($90,000) Remember, there was no way for our inspector to know the year of the roof. We asked seller to supply this info and was told one thing, then the HOA came back and said something different. 18yo roof that only carried a 10yr warranty, is concerning for us. FTR: We feel a bit slighted here, but will likely continue in order to meet our commitment.

@Wayne Brooks thanks for the reply.  

Thx for the reply... and Nope were beyond the inspection phase. We didn't know we were still pending any of this additional info. Assumed what we were told (4-5 years/30 yr warr.) was factual. Wasn't until HOA board corrected that info to us, just a couple weeks ago.

We are currently under contract on buying a condo in Florida with a June 2nd closing date. The original MLS listing stated a number of things...

1: "Recent exterior building renovations have been completed, including a new roof and sewer lines.  

2: "Laundry Appliances Included: Washer / Dryer Hookup"

We asked seller & the sellers realtor what "newer" meant, during our first visit to the property and was told face to face & again via text, the roof was installed 4-5 years ago & had a 30 year warranty.  After the inspection & now the appraisal, we are learning that the roof was installed in 2003 (18 years ago) and had only a 10 year warranty.  Additionally, there is NO WASHER/DRYER Hookups at all and vented dryers are not even permitted.  Both of these a concerning to us.  

Q: Do you think we have any option here to potentially challenge the contract and back out without sacrificing our full $13,000 deposit?  We have already spend over $1,000 on appraisals and inspections.  Looking for insight here, before we involve the attorneys.