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Foreclosure Auction - STT Condo

 
ms411
(@ms411)
Expert

Good area on way to Magens Bay. Was listed in Legal Notices in local paper which I cut out and gave to a friend so can't post much info now.

If you want details PM me and I'll get the info again. Bids due late May.

Many of my friends know the owner and we would love for it to have a loving owner.

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Topic starter Posted : April 26, 2018 7:40 pm
AandA2VI
(@AandA2VI)
Trusted Member

Wish I could afford a condo but the fees are ridiculous. Heard too many horror stories about associations raising fees several times within a year also? How’s that legal lol.

Always wanted to buy and fix up beautiful for vaca rental.

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Posted : April 29, 2018 2:01 am
Scubadoo
(@Scubadoo)
Trusted Member

Wish I could afford a condo but the fees are ridiculous. Heard too many horror stories about associations raising fees several times within a year also? How’s that legal lol.

Always wanted to buy and fix up beautiful for vaca rental.

What kind of rumors are you hearing? All condos have HOAs and all HOA bylaws have the handling of expenses defined. HOA bylaws will typically require an annual budget approved by the members and that''s not going to change within the year. They also typically have an elected governing board that is authorized to levy special assessments as needed. Whatever is n the bylaws is legal. There's a wide range of HOA fees on STX, you get what you pay for. HOA fees typically include common area insurance which as we know is a significant expense.

Do your due diligence when looking at condos on the finance/fee history and condition of common areas and likelihood for major expenses coming down the road. They must provide all that if you are researching for an offer but you have to ask for it. A little research and it's no hard to know what you are getting into. Most HOAs are sensitive to the fees because they know it impacts re-sales and don't want a bunch of walkaways and foreclosures.

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Posted : April 29, 2018 2:07 pm
ms411
(@ms411)
Expert

Wish there was more discussion on condos on this forum. I think AndA should get more info outside this forum because each condo complex has different finance issues.

This could be a great opportunity for A&A. I don't see real estate auctions often in the paper. This one caught my eye because I know the owner.

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Topic starter Posted : April 30, 2018 8:33 am
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