u/jasper_cutie20

Since August 3rd, we’ve been dealing with mandatory full condo reviews, which makes getting complete and accurate HOA documentation upfront even more important.

I just spent 10 business days waiting on a self managed HOA to piece mail documents to us. We finally get enough information to complete the review and discover…

Only 2% of the HOA budget is going toward reserves.

Now here’s my question:

Why isn’t this information being reviewed BEFORE a condo is listed for sale?

A buyer can have great credit, sufficient income, a solid down payment and a full preapproval, but if the condo project itself doesn’t meet lending requirements, we have a problem.

And waiting until the buyer is under contract, has paid for inspections, started the mortgage process and is emotionally invested in the property is way too late to discover it.

Realtors, lenders, attorneys and HOA/property managers: what are you seeing out there?

Should listing agents be asking for the budget, reserve information and other key condo documents before putting the unit on the market?

I’d genuinely like to hear how other markets and professionals are handling this.

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