Sparks Foreclosures
What to ask in a condominium association meeting?
I live in a condominium which I have doubts in their association, we pay monthly our maintenance fee and abide to the condominium bylaws. Now we are charge such an amount of money that is completely ridiculous, our pool is cleaned once a month, we have no recycling system and they might be a mold problem since there is always a leak in the water pipes and our parking lot and pavements need serious repair. So far we have a deficit and they want us to cover by what they call a “special assessment of $15,000.00 for four units in process of foreclosure.
I believe that there might be a harassment of power and our reserve funds are being used up for personal convenience e.g. One of the associate has bought another home and a brand new car, sparks are flying about this news in all the condominium tempo. Nothing is adding up, I do not know what to ask when the meeting comes up and whether investigation should be done in the association.
What should those who own a unit do?
It depends on how much you can afford to spend to find out the truth. You could ask the other unit owners whether they will fork out some money to have the condo accounts independently audited to see if there’s any mismanagement or defalcation. Check the contracts with the suppliers, e.g. pool maintenance co. and see if they’ve been paid what’s stated in the a/cs. Or check if any of the vendors is related to the managing agent of your condo. Who awards contracts to the vendors? What is the decision process like?
SPARKS Foreclosures, HUD Owned Home for Sale – 6618 DORCHESTER DR, 89436
