The Phil Leng Team: Washington: Kirkland: Juanita Bay

Bank Owned Condo - Problem #16

Bank Owned Condo - Problem #16

Bank Owned Condo - Problem #16

The Assessment.

12010 98th Ave NE #201, Kirkland 98034-4255Bank Owned Condo - Problem #16

The HOA decided to do a major renovation. There were only 24 condos in this small complex of condos, well situated next to Juanita Village and the Juanita Bay of Lake Washington.

The problem was, the repairs ended up costing two million dollars and apparently they had not saved up any money over the years to pay for the repairs.

Of course, the condition of the roof, and siding, and covered parking and pavement was excellent. The problem was - the Assessment ended up being $77,000 to $79,000 on each unit!
Bank Owned Condo - Problem #16
The owner had paid $220,000 for the unit back in 2007. He ended up not paying on the mortgage, not paying the HOA dues, and also not paying the huge assessment monthly payments.

He walked away, and we got it as a FNMA foreclosure listing.

We sold the unit 6 different times, mostly for all cash. However, none of those buyers closed on the condo, so it ended up selling at the bank repo auction for substantially less.

The HOA assessment can radically alter the value of a condo! It certainly did on this unit!!

 

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The Phil Leng Team

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http://www.ilovekirkland.org

http://www.kirklandhomevalues.com

 
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Comment balloon 1 commentPhil Leng • March 26 2012 05:33AM
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