foreclosed condo? I'm really new at this, so anyone who is an expert at this stuff is given a warm welcome to answer this question.
Ok, so I'm contemplating buying a foreclosed condo in Marietta, GA. My friend told me to be careful because when you buy condos, they all belong to an "association", and the assessment fees are what you pay every month in order to cooperate in any maintenance that needs to be done, including the roof repairs, plumbing, landscaping, etc etc (correct me if I'm wrong).
Ok, so then he says to be careful because the condo association, at any given time, could tell all their residents that on a certain date, everyone needs to fork off, oh perhaps $10,000, EACH HOUSEHOLD, in order to get all the roofs repaired.
So, I got to thinking....that's ridiculous, because how can you just fork off $10,000 bam...just like that? Is there any arrangement to pay that $10,000? There must be another side to this story.
I welcome your educated answers.
Ok, so I'm contemplating buying a foreclosed condo in Marietta, GA. My friend told me to be careful because when you buy condos, they all belong to an "association", and the assessment fees are what you pay every month in order to cooperate in any maintenance that needs to be done, including the roof repairs, plumbing, landscaping, etc etc (correct me if I'm wrong).
Ok, so then he says to be careful because the condo association, at any given time, could tell all their residents that on a certain date, everyone needs to fork off, oh perhaps $10,000, EACH HOUSEHOLD, in order to get all the roofs repaired.
So, I got to thinking....that's ridiculous, because how can you just fork off $10,000 bam...just like that? Is there any arrangement to pay that $10,000? There must be another side to this story.
I welcome your educated answers.