Whelp - so much for buying that great condo

[LynneSin]

The condo was great inside; however, I got the history of the exterior of the building and I was :scared: Seems there was a moisture problem since 1984 and the management was still trying to collect funds to repair the exterior.

:cry:

Back to the drawing board

[Pierre.Suave]

1. that sucks

bad association financial management?

[LynneSin]

3. Well, they knew it would be costly

but instead of correcting it back in 1984 back when they first found it they procrastinated until 2006 to where it was costing each tennent $50k in assessment. Fortunately my assessment would have been paid for by the seller; however, it turns out half the residents hadn't paid the assessment and were legally trying to fight it. And with the cost of inflation I might have been stuck with additional prices OR if the building never got fixed, the city of Wilmington could condemn it.

Thing is - the building was in a great neighborhood where townhomes ran from $300k-$500k. They could easily tear down that building and make a mint building new townhomes in it's place

[Lil Missy]

2. Oh no! Glad you found that out before you signed on the dotted line.

I had some problems with my house too that were found in the inspection. One was that there was a problem with the furnace that could cause carbon monoxide to blow into the dwelling if the wind were blowing just right. Yikes! The previous owner had to fix it before closing.

[underpants]

4. Did you get it appraised?

Sorry about that but better off anyway.

You now have your feet wet also so the next time it will be old hat.

[LynneSin]

6. No - there wasn't any need to have it appraised

After I had rejected the place I found out that my rejection really didn't amount to anything since the mortgage company had the building appraised and balked on giving the loan.

[malta blue]

5. Sorry to hear about that...but aren't you glad you

found out now. Plus, with a moisture issue, there may have been as yet undetermined mold issues to contend with, and that is a real pain!

Good luck next time out!:hug:

[supernova]

7. You skirted a disaster

in the making.

Count yourself lucky.

That just means the right place is a little closer now than it was. :hug:

[Raven]

8. Wow! Be thankful! A friend of mine is in a Condo on the ocean

that had a moisture problem. The whole building facade had to be waterproofed and she got a several thousand dollar special assessment.

I may have made this point when you posted about this before, but I'll say it again...when you buy a condo you also buy the building it's in. The building's problems will be your problems. Now you know! I'm sure you'll find another great place. Good luck!

[LostinVA]

9. ARRGGHHH -- that sucks

:hug:

[Matsubara]

10. Anyway, condos aren't usually a great investment.

If you can get a detached home in the boonies for a similar price it might be better.

Condos, in addition to the mortgage, load you up with association fees that can be pretty pricey...

[LynneSin]

11. The concept of the boonies and dealing with lawnwork have no appeal to me

I'm a city girl and I prefer the less maintenance the better

[grace0418]

14. Amen to that. I'd rather live in the teeniest condo in my neighborhood than the boonies.

And condos can be a great investment in the right neighborhood.

[xmas74]

17. Pay a high school kid for the yardwork.

In the summertime you can find them everywhere.

[LynneSin]

19. But I still don't want to live out in the boonies

I was born and raised in the Boonies - gave it 22 years of my life.

No desire to go back to that lifestyle

[no name no slogan]

23. I'm with you

I am happily renting right now, but looking for a townhouse or condo in the city.

When I was married, I owned a house in the city, and you couldn't pay me enough to own one again. The maintenance is a nightmare. And shit breaks all the freaking time. Not to mention the lawnmowing, exterior work, etc. that goes with it. In fact, the damned house was a major reason I got divorced.

Sorry, I work all week. The last thing I want to do on the weekend is work on my house.

[yellowdogintexas]

24. besides, part of those association fees are FOR maintainence, and the

insurance. You will only have to escrow for your property taxes.

[GalleryGod]

25. Dealing with Lawnwork?

That's rich.
Good for you.
Keeps the fat off your bod!

[NC_Nurse]

12. Aww, I'm sorry.

Better to find out now than later. But I know you're disappointed. :hug:

[Gormy Cuss]

13. Bummer.

Ah well -- better to dodge that bullet before buying. Good luck with your new hunt.

I feel sorry for the sellers in that building. Until the moisture problem is fixed they're all sitting on hard to sell units.

[LaraMN]

15. Bummer! House-hunting is a taxing endeavor!

Here's to you finding something absolutely perfect asap!

:toast:

[grace0418]

16. Someone in my building just dodged a similar bullet. They live in a unit like mine, duplexed

first/ground floor unit. But their unit is smaller and only has one bathroom so they were ready to move. They found another duplexed unit in a building nearby and were really excited about it. The closing was supposed to be in mid-June, but the seller pushed it until the end of June. Then, two days before closing there was a big rainstorm and my neighbors could smell the flood damage when they went in for the final inspection. The seller tried to pass it off as "well, every building in this area flooded with *that* storm!" and my neighbors were able to say "well, ours didn't." Oddly enough, the developers didn't do the best job rehabbing our building (built in 1925), but they (KNOCK ON WOOD) managed to seal it up good and it has never flooded in the 8 years since the rehab.

They feel really lucky though, because if they had closed when originally scheduled, they would've taken possession right before that big storm!

Anyway, I know it sucks but you really have to count your blessings in that case.

[some guy]

18. Don't

:cry:

You dodged a bullet! :bounce:

It's a buyer's market, so you'll find something else - better! and soon, I think.

CONGRATULATIONS on not getting stuck in a bad condo. :yourock:

[matcom]

20. shit. that sucks.

sorry x(

[GOPisEvil]

21. I didn't get my first house either.

But, I ended up with this place, which isn't so bad.

Good luck. :hug:

[greatauntoftriplets]

22. Sorry to hear that....

I bought the first place I looked at. Did check out other places, but this was by far the best. Fortunately, my house sold in a week and I was able to make an offer on this place quickly.

In your case, it sounds like it is for the better. Keep looking and you'll find something better.