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Old 08-01-2017, 10:04 AM   #1
Tyler
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Hi there,

My wife and I own a condo in a 100 unit complex that was just hit with a special assessment.

What are your thoughts on selling units recently hit with special assessments? A lot of our neighbors are selling theirs at huge discounts (price minus special assessment), which I worry is deflating the neighboring value and bringing down comps.
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Old 08-01-2017, 10:44 AM   #2
Hockeyguy15
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Do the current owners know they are still on the hook for paying the special assessment?
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Old 08-01-2017, 10:59 AM   #3
Tyler
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Quote:
Originally Posted by Hockeyguy15 View Post
Do the current owners know they are still on the hook for paying the special assessment?
Our impression is that they are selling their units with the special assessment included as a discount on the sale price
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Old 08-01-2017, 12:19 PM   #4
Hockeyguy15
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That's odd because it's based on when the special assessment is announced and when possession is, not when the cash is actually due.

Since the assessment has already been passed it's still the sellers responsibility to pay regardless if the due date is after the possession change.

Last edited by Hockeyguy15; 08-01-2017 at 12:25 PM.
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Old 08-01-2017, 02:15 PM   #5
Realtor 1
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This is correct, if the special assessment has been issued, the lawyer will requests a clean estoppel certificate which means the special assessment is to be paid. I just had a buyer buy in a complex with some big special assessments that are being issued on a phase 1,2 and 3 basis. Phase 1 was issued and the seller had to pay this. We then estimated phase 2 and 3 and included that in our reduced purchase price. The buyer will pay the new special assessments but even after doing so, they will come out ahead with a good deal.
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