Murray Ut, Condo,Home Owners dues up over 100%
Home owners dues at a Murray Condominium project went up over 100% in two months, and I was almost very embarrassed.
You all know that I love Condos, I love living in Condos, I love selling Condos. I love everything about condos except that they can harbor hidden risk, and undisclosed problems. That is why, In addition to the fact that it's how I make my living, I absolutely believe you need an experienced Real Estate Agent to help you select the right unit among all the Condominiums for sale in Salt Lake County.
I'm experienced, and I know my territory, and I know Murray Ut. Yet, for two days I'm embarrassed to say I was ready to suggest that my client make an offer on a Murray Town home that was really a very bad deal..
Now don't misunderstand, my client would never have been at risk. We would include enough contingencies that any thing turned up by our due diligence that was unacceptable would be grounds for cancellation. It's just embarrassing, and scary. But lets suppose we didn't know how to bulletproof our offer.
Suppose my client was out there without someone watching her back, selected a unit, signed an offer, deposited earnest money, and didn't find out until later, that the Home Owners Association had levied a hefty monthly assessment (in this case $200 dollars per mo.) to catch up with maintenance that had been neglected. The client didn't discover the change until after they had deposited $1000.00 in earnest Money. The buyer wants out, the seller wants them in or at least they want the $1000.00. Looks like arbitration or a law suit to me. The condo buyer might not win. Can you say "specific performance" or "flush the Thou".
The lesson here is, have your own agent representing you. The tip here is, don't let your agent review just the Bye Laws, and C C & Rs. Make sure that you include as seller disclosures, copies of the minutes to all the meetings going back at least 12 months. See whats being talked about at those meetings that can effect value, or your liability. Make your offer contingent on acceptance of all of the seller disclosures.
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Good Luck