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SHELLY

SoWal Insider
Jun 13, 2005
5,775
802
I may be wrong, and I don't have an axe to grind, but I have a feeling that some "management companies" took "liberties" with charges during the boom times and haven't yet woken up to the real world.:dunno:

As someone who works for one of these management companies I can tell you it would be tough to take liberties - look at the budget - we get a flat fee for handling the management - unless the managers are getting a kickback from the suppliers (which I don't) - Before planning a budget for the year we call all the suppliers and try to get them locked in for the next year - including ourself. Insurance is one of those huge factors that is tough to read. One complex we manage insurance is half of the total association fees collected every month. Besides that they have to pay cable - pool service - trash collection - water and sewer - outside electric - landscaping etc. I believe if you are complaing about association fees - look at the insurance bills. I hear all the time we have to cut the quarterly association fees - how can you - the numbers are what they are - if you don't pay it monthly (or quarterly) you will end up paying it in special assessments.


....and then there is the increased charges to cover the folks who've opted to buy food and gas and forego the association fees on their "investment" condos.


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SHELLY

SoWal Insider
Jun 13, 2005
5,775
802
Probably very true but me thinks these white-knuckles will get contracts if they price it right.


.....But first they've gotta scrape together the cash to pay off the difference between the "right price" and the money they owe the lenders.


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Bobby J

Beach Fanatic
Apr 18, 2005
4,043
599
Blue Mountain beach
www.lifeonshore.com
How much did they each bring to the table?

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Actually, they all three worked deals with the bank. The banks let the deals close before the details were even worked out with seller. I was shocked. Some of these short sales are really hard and some are really easy but they all seem to work if your buyer will hang in. Most of the time when the bank does not respond to offers it is because it is too low. They do not have a system in place to counter. We got approval on one recently that the buyer came in higher then the listing agent had it listed for. The property has been on the market for months with offers on the table and no replies from the bank. We came in higher then asking after evaluating the loan and received a response in 2 weeks. They accepted and we close the end of the month. Buyers are wasting their time low balling an already low ball short sale.
 

Bobby J

Beach Fanatic
Apr 18, 2005
4,043
599
Blue Mountain beach
www.lifeonshore.com
Who offers MORE than the asking price for a house? :dunno:
The asking price on some of these short sales is irrelevant. You have to look at the loan to understand what the bank may want. Often times the agent is in the dark. We discovered a few weeks back the reason the bank does not reply to the offers is they are too low. They do not have a system in place to counter. Kind of odd. We knew the reason the bank was not replying was the price was too low. We bumped it up and everyone is happy. The buyer is getting a great deal and the bank moves forward.
 

Beachlover2

Beach Fanatic
Jun 17, 2005
813
55
SoWal
....and then there is the increased charges to cover the folks who've opted to buy food and gas and forego the association fees on their "investment" condos.


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That is true - I am compiling a special assessment right now because of non-payment of many units in one complex where we have 10 units in foreclsoure - talk about screwing up a budget - and then this is just going to make it harder on the people that have been struggling to make their payments - most of these people live here - The 10 foreclosures were investors.......meanwhile they are collecting rent on some of these units and not paying the association fees or mortgage - but their renters are getting the benefits (that they are paying the guy in foreclosure for) It is just a vicious cycle right now.
 
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