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Developer skips town on HOA with incomplete project

Posted on Mon, Mar 29, 2010 @ 06:30 AM
  
  
  
  
  
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My condo developer skipped town and the homeowners association is being told we are OBLIGATED to fix the common areas with a special assesment of 10,000 per homeowner. Is there any condo association insurance in the state of wa that can help me if we do have to pay a huge assesment? The state is WA
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I believe most condo board members are bonded and insured. That insurance should cover you for fraud committed by a board member.... Good luck!
Posted @ Monday, March 29, 2010 8:00 AM by Chocking in Miami
This is a very tough situation. This is happening all across the country. I would urge your association to meet with an attorney prior to doing anything. Basically, it may come down to if you want to get it done, as an association you may not have a choice. However, that is a huge assessment and there may be other options.
Posted @ Tuesday, March 30, 2010 10:06 AM by Joe Schuirmann
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