This video breaks down one necessary step to avoid having your Phoenix condo purchase transaction fall apart.
Many condo HOA's have high delinquency levels due to a weakened economy in Phoenix and the greater Phoenix area. Most HOA management teams projected around 10% delinquency rates of these condo complexes association dues at the beginning of 2010. However, the real numbers starting off in 2011 are closer to 25% delinquency rates. Don't let your transaction get too far and become another statistic too late.
About the Author
My name is David Krushinsky and I am a Phoenix mortgage specialist that is truly passionate about my profession and the result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors and the most experienced REALTOR®'s in the Phoenix area.
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David it is a problem in the DC Metro area as well. Especially with condo buildings built and settled in 2004-2006. I always ask the management office right away if they have a recent deliquency report.
We have seen this issue and steer clear of them -all the best.
Yes, I think you only have to learn one time "the hard way".
David, Great video! Word to the wise: Order all certs upfront! We have had a seven to ten year sabbatical from traditional banking underwriting standards...we are right back to where we started from.
I am not suprised. I have also seen a few condo projects that were converted to condos during the bubble, converted back to apartments this year. I have also seen some single family subdivisions with high foreclosure rates having hard times with their HOAs as well. Some have raised their rates for those left so they would have enough to keep up the common areas. It's a tough issue, but I can agree, get your HOA info early & get a pre-lim from title as early as possible as well. Good luck may tend to follow those who do their homework best.
It has been a problem here for years and I am sure you still get calls from people frantic trying to save their transaction!