387. Dealing with Special Assessments in Real Estate

Hello again. Hi. My name is Chris Russo with 123solocash.com. Been buying. And selling properties for over 30 years. If you have a property that you want to sell give it. Me a call if you have any. Any type of situation that it’s? A kind of difficult situation. Something you haven’t dealt with before. Give me a call. I might be able to help you. Doing 30 years, so I’ve seen mostly everything. Today we’re going to talk about a property in Tamarac, FL, Broward County Area code 33319. He called. Well, first of all, he had his property listed. He wasn’t able to sell it. And then he called me. I gave him a cash offer. Obviously, he’s looking for retail. And I said, well, my cash offer would be lower than retail. But he said, Chris, I need to sell fast. I want to sell I. Want to get it? Out of it. So he called my game and offered and he. Said OK, fine sign. It took a look at the property. Everything is fine, and we started the title work and everything. The issue with this property. Is the maintenance the normal maintenance on this property? The townhouse was like 400 dollars $400.00 per month range and this was 800 and then go. That’s strange; why is it 800? I asked him and he said. They put in special assessment on there, or actually, the association before that they mismanaged association. So what they did is that they asked everyone to raise the amount per month for a couple of months until they came to a meeting and they reorganized everything. They look at their budget, and then they’ll lower it again. So. What happened is OK. OK, fine. It’s it’s not. 408 hundred. Which is kind of a lot double the amount, but if it’s. Only gonna be for a. Short term, I said right, I’ll do it. So we closed on that. He was happy, everything worked out. So, if you have like a condominium. Property that or townhouse that they’re raising, the association because of a special assessment. Now they’re doing this because like, for example, they have what’s called the, I think 40 years, you know, the inspection they need to put a roof on or AC. So you’re normally paying a small amount now it’s double, you know, give me a call. I’ll see if I can help us see if I can buy the property. And then, knowing that, you know, I can pay that amount for a certain time and it’s going to go back down again and a lot of sellers are on fixed income. So they’re used to paying a certain amount. So when. It’s double or. It goes up. It’s hard for them to. You know it’s. Hard for them to pay every month, so if you have a property like that, a situation, and you want to sell because the payments have gone up, these special assessment give me a call. I’ll be happy to look at it. Be happy to make an offer. Well, thank you very much. And I’ll see you in the next video.

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