Discover How I Saved A Little Old Lady From The Bronx $10,341!

I'm going to share with you a true story of how I saved a lady from making a $10,341 mistake when buying her condo. Let's call her Beth. Beth was from the Bronx and wanted to buy a condo in Pompano Beach, Florida. She was about to buy this condo sight unseen and put her trust in a local realtor.

I was the real estate appraiser on this deal and found out that there was a special assessment of $10,341 due in full on this unit at the time of the closing. Well part of my job as an appraiser is to state if there are any special assessments with all the details. This information is listed on the sixth line of the first page of the condo appraisal form. So I stated that special assessment amount of $10,341 and on the addendum stated what the purpose of this special assessment was for.

About two weeks after doing the appraisal I received a phone call from the realtor who was the listing and selling agent asking me why I "killed her deal." I asked her, "What was she talking about." and she proceeded to tell me since I mentioned the special assessment that her buyer, Betty, was able to back out of the deal and get her deposit back too.

I simply told her that I was just doing what was required of me and that she should have disclosed this to Bernice before she made an offer.

This unfortunately was not the first time something like this happened to me in my 21 years of doing appraisals.

Whenever you purchase a condo you should always ask and get the answers to these three questions:

Are there yearly or monthly maintenance fees?

2. Are there any special assessments now or in the near future in the condo budget?

Does the condo project contain a recreation or land lease?

Ask your realtor, property manager or management company for these answers before you make an offer because it may affect the financing you can obtain. Plus it may keep you from making a $10,341 mistake!

Article Source: ArticlesMaker.com

About the Author: About the author: Frank Kasper has retired after 21 years of being a residential appraiser. He know enjoys writing about his experiences and buying short sales. To see the software Frank uses when investing go to short sales 

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