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Would You Like To Avoid A $10,341 Mistake When Buying A Condo

Author: FrankKasper Total views: 3 Word Count: 309

Here's a true story about a lady from New York that wanted to buy her retirement condo in Pompano Beach, Florida. Let's call her Bernice. Bernice found a local realtor online and was going to buy this condo sight unseen.

Well the bank called me to do the appraisal and in the process of gathering information about the condo I found out that there was a special assessment of $10,341 which was due in full at the time of the closing. So I stated this information on the first page of the condo form and in the addendum as required.

Approximately two weeks after finishing the appraisal I got a call from the realtor who just happened to be the listing and selling agent. She proceeded to rip me a new one for putting the special assessment in the appraisal. I asked her why she was so upset and she said that Bernice found out about this and was able to get her deposit back and void the contract.

I explained to the realtor that I was just doing my job and that she should be ashamed of herself for not disclosing this to her client. Well needless to say the realtor was not happy with me and slammed the phone.

This unfortunately was not the first time something like this happened to me in my 21 years of doing appraisals.

Whenever you purchase a condo you should always ask and get the answers to these three questions:

How much are the yearly/monthly maintenance fees?

2. Are there any special assessments now or in the near future in the condo budget?

3. Is there a recreation or land lease in the condo project?

Ask your realtor, property manager or management company for these answers before you make an offer because it may affect the financing you can obtain. Plus it may keep you from making a $10,341 mistake!

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About the Author

About the author: Frank Kasper has retired after 21 years of being a residential appraiser. He know enjoys writing about his experiences and investing in real estate. To see the software Frank uses when investing go to short sales Grab a totally unique version of this article from the Uber Article Directory

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