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Why wouldnt our HOA receive FHA certification?

Posted on Mon, Oct 24, 2011 @ 07:34 AM
  
  
  
  
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Is there any good reason for a HOA not to obtain FHA-VA certification? Several homeowners are all for it, and I'm pretty sure our HOA will qualify if we apply. Thank you.

13 Comments Click here to read/write comments

When should our condo conversion start charging monthly fees?

Posted on Sun, Mar 20, 2011 @ 08:43 AM
  
  
  
  
Is there a percentage of ownership before requiring condo fees? My condo started switching the apartments over to condos as of 2008. We have over 300 condos and only 34 owners...the other condos are renters or empty. How is this legal? On top of that, we don't even have a condo association board. This is my second year paying $144/month for water, sanitation and trash. The frustrating part is that the streets are messed up, trash is not being picked up on the grounds and we have more renters than owners. Please advise...I am ready to get all of the owners together but need more direction to do it the professional and correct way. Thanks

9 Comments Click here to read/write comments

Who should refund special assessment payment by condo buyer?

Posted on Sat, Jan 08, 2011 @ 12:16 PM
  
  
  
  
I recently bought a Virginia condo which had a $26k special assessment coming due in 3 separate installments over the next 2 years. On the purchase contract that I put on the condo, the seller agreed to pay the first 2 installments of the assessment out of my mortgage proceeds, which essentially raised my mortgage loan amount. Since I have closed, however, they canceled the special assessment and will be refunding the money back to the people who paid. My question is who gets the money that was paid on behalf of my unit? The seller or myself? This would be very unfair if it went to the seller because my mortgage amount was increased to cover the costs, but it was put on the HUD as coming out of proceeds. Please give me some advice on this matter. Thank you.

4 Comments Click here to read/write comments

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