In todays challenging economy we are affored great opportunities to purchase distressed real estate. With those great opportunities come hidden problems that may ultimately make your great buy a bad buy. Take for instance hi-rise communities with a high percentage of foreclosures.
These home owner associations ( HOA) have been decimated with owners not paying their association dues rendering many of them on the verge of collapse. The average foreclosures time frame in Nevada is 15-18 months with many owners not paying their dues.
If you do purchase in a HOA community the seller is obligated to provide you a resale package which will disclose the financial status of the association. It's imperative you review these documents because you can end up with a large assesement if you dont. As they say in the business buyer beware!
If you would like to discuss the status of any hi-rise please feel free to contact me.