Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Good Ideas
Nusetlock.com




REO Prep Foreclosure Listings




BPO REO Secret System




How To Advertise Here

More Good Ideas!
real estate newsletters


Real Estate Websites for Realtors




Build your brand on a Real Estate Site





Facebook
Topic Options
Rate This Topic
#360708 - 12/15/10 02:57 PM Common Area Damage/Repairs for Condo
MArealtor Offline
Veteran Member

Registered: 12/28/06
Posts: 809
I have an Exterior BPO on a (attached) condo. The builidng that the subject condo is in is in average condition except for the roof. The roof is in a deteriorated, poor condition. Of course the owner of one condo is not responsible for the entire cost of repairing the roof; the association would handle the repair. But, how do I account for this repair when doing the BPO on the single unit? Divide the est. cost of repair by total units?

Top
#360711 - 12/15/10 03:10 PM Re: Common Area Damage/Repairs for Condo [Re: MArealtor]
Clientless Offline
Member

Registered: 11/06/06
Posts: 174
Loc: Midwest
As former treasurer of a condo association, most units have a % of ownership, which is how overhead cost are allocated. Most often it relates to square foot of the unit as a percentage of the total square footage of the complex. (Some associations charge more the higher up in a building or if some units have much better views(lake view vs non-lake view). However, since you may not be able to get your hands on the association data, I would make a rough estimate.
_________________________
No legal advice. Seek an attorney. This advice worthless than what you paid for it.

Top
#360713 - 12/15/10 03:31 PM Re: Common Area Damage/Repairs for Condo [Re: MArealtor]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 4726
Loc: Vermont's North-East Kingdom
Originally Posted By: MArealtor
". . . the association would handle the repair."

If the Association is allowing the Building to deteriorate to the point that damage is visible to a Passer-By like you, then that sounds like more of a broken Association problem than a Roof Issue.

Condominium Owners are typically entitled to have their buildings always appear to be in a "well-maintained condition" . . . . and your observation brings into question the solvency of that Association. (And that diminishes the value of the entire complex.)
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top






Moderator:  jbt4re 
Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Good Ideas!
real estate newsletters




How To Advertise Here

Sponsors

Newest Members
CourtneyFields19, theshortsaledude, toorgeman123, D best Realtor, Nilufar Yeasmin
21439 Registered Users
Who's Online
4 registered (REODayton, OrlandoAgent, JackREO, 1 invisible), 140 Guests and 2 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Vermont 80
KingofBPOs 55
Brit16 51
DueDiligence 37
super realtor 36
Bigtoe 35
Averis 34
johnnyloans 34
SoldWithVideo 32
Kjmendy 29
RIzwan 29
75Corvette 25
Scintillion 25
shurdul 24
Doin' bpose 24
(Views)Popular Topics
No new orders today 4757898
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 2707913
Stupid MLS comments. 959091
EML 458010
Evalonline 299689
What do you know about Froy Candelario, top agent in USA 291078
Land America 285007
New HUD Listing Brokers---Any Update? 269762
Mainstreet 261768
Pay it Forward - BPO/REO Tips & Tricks I & II 239420
Stupid QC comments and BPO requirements. 230721
Is there religious content in Buffini class? 225897
FARVV 177251
REOTRANS 160813
Let's talk about our cars 147784
USRES / RES.NET 147658
asset val seminar in colorado 144137
AVM Bpos 139643
FARVV 126764
PAS 118332
Featured Member
Registered: 03/04/07
Posts: 1801

How To Advertise Here


This site presented by RNC Internet Services