Home Buying in 02050>Question Details

Dsmith, Other/Just Looking in 02050

i have been looking at condos and several in a complex that i was told wasvery nice have been on the market

Asked by Dsmith, 02050 Wed Nov 7, 2007

for months, and have had numerous price reductions. i'm beginning to think that maybe there are problems in the association that aren't outwardly obvious but that insiders may know about and are staying away. how do you get the insiders information?

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Kate Hannon’s answer
The answer: "It depends on the complex." Without knowing property you are referring, it's hard to make a blanket statement. Most of the associations in Marshfield, however, are managed pretty well. Over the past couple of years, short sales and post foreclosures have had a major negative impact on the price of individual units as folks wait to see just how low the price will fall. Even with the bargain basement prices, these units are moving slowly and I'm beginning to believe it's because folks like you are wondering "what's wrong." If you ever have a question about a specific property and/or association, find yourself a good buyer agent and ask the tough questions. A quick look at the overall financials and budget sheets will answer most of the questions you and your accountant may have.
Web Reference: http://www.katehannon.com
0 votes Thank Flag Link Mon Jul 19, 2010
Don't be too scared off by the days on market and price reductions. On much of the South Shore because there is so much inventory and few buyers, the market time is still longer than normal. As a result there are more price breaks. Having said that, you still must do your "due diligence" when you decide to pursue a condo. Your buyer's agent should request the usual condo docs (rules & regs, master deed, etc), but you should also review the association meeting minutes for at least the last six months. The meeting minutes will note any upcoming issues that have been discussed. If you're curious about condo sales acitivty in Marshfield, check the link to my blog where I have posted condo sales activity throught September. If you'd like a more comprehensive report for Marshfield or surrounding towns, just shoot me an email and I'll be happy to prepare one.
1 vote Thank Flag Link Wed Nov 7, 2007
Are you working with an agent? You can ask the listing agent for information regarding the HOA association. Or have your realtor call and ask a bunch questions and poke around. Good Luck!
1 vote Thank Flag Link Wed Nov 7, 2007
In general the Real Estate market is pretty unstable to date. Price reductions are not uncommon. Majority of sellers start with a fairly high asking price knowing that they will have to negotiate when an offer comes in.

If you are serious about a unit and are thinking about putting an offer in your real estate agent can always work for you to get any information pertaining to the unit of interest & the association in general.

Some important questions you should have your real estate agent get answered for you are:
1.) Are there any back condo fee payments. Get the total & find out if you will be responsible.

2.) How much will the title 5 certificate run?

3.) Is the condo Association planning any updates? Is there currently money in the account to cover these?

4.) Are there are any special assessments?

5.) Has the condo association paid the master insurance policy? Are they up to date on taxes? Can you provide an up to date copy?

6.) Are there any past water bills owed?

Sincerely,
Lisa Brown
Molisse Realty Group, Hanover MA
0 votes Thank Flag Link Mon Jul 13, 2009
I have the same questions as you. I just think it is the market at the moment. I'm am very curious as to the difference in assessments between Ocean Place and Horizons condo complexes. I haven't asked any of the realtors due to the fact that I don't want to waste their time as my house has not yet sold.
0 votes Thank Flag Link Thu Jan 17, 2008
Hi Dsmith, I agree with Chris. This market is very slow. Without digging too much, I think the issue is more of a market issue than an issue with the condominium complex itself. Good luck, Jon
Web Reference: http://www.bowenboston.com
0 votes Thank Flag Link Thu Nov 8, 2007
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