U
/u/yonderwindow
Guest
Our condo in New Mexico closed two months ago and we just got access to the documents system yesterday. We found that the reserve study that the sellers provided during the escrow period was not the latest one. They provided a 2018 study and the latest is 2022.
The 2018 study showed a reserves ratio of 45% and the 2022 has it at 34%. The old study has a deficit per unit of $8k, and the latest of $15k. The latest also has a recommendation for special assessments of 5k per unit.
Is there any action we could or should take? Are the sellers or title company liable for damages or fraud? There’s no way to prove that it was 100% intentional but the sellers certainly had access to the latest study.
Is it right to conclude that there’s a decreasing health of the reserves? Beyond the obvious risk of a special assessment, would this affect resale value or makes things substantially more difficult when we want to sell? Is this something that the title insurance would address?
submitted by /u/yonderwindow
[link] [comments]
Sellers provided old reserve study
Continue reading...
The 2018 study showed a reserves ratio of 45% and the 2022 has it at 34%. The old study has a deficit per unit of $8k, and the latest of $15k. The latest also has a recommendation for special assessments of 5k per unit.
Is there any action we could or should take? Are the sellers or title company liable for damages or fraud? There’s no way to prove that it was 100% intentional but the sellers certainly had access to the latest study.
Is it right to conclude that there’s a decreasing health of the reserves? Beyond the obvious risk of a special assessment, would this affect resale value or makes things substantially more difficult when we want to sell? Is this something that the title insurance would address?
submitted by /u/yonderwindow
[link] [comments]
Sellers provided old reserve study
Continue reading...