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| Wednesday, December 03, 2008
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| Author |
Messages |
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DouglasJ
(Maine)
Posts:6
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| 07/14/2008 10:42 AM |
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We are a community of 40 units. The current problem is lack of reserves and 3 major repair jobs. Tis commnity has not had a success inf colecting special assessments. (Lack of an active knowledgeable self mangement board)
A bank loan will pay for the projects plus get a plan for establishing a reserve fund.
There is a concern that a loan willl interfere with the sale of units and a concern as to what the indiviual unit owner would be responsible for. This loan wwould be paid for out of the current dues.
What has been your experience with the opearation of an association or of units owners ability to sell units when there is an association loan?
Thanks
Doug Johnson |
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MaryA1
(Arizona)
Posts:2259
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| 07/14/2008 10:51 AM |
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Douglas,
It is my understanding that if the HOA defaults on the loan, the obligation falls upon all the members of the assn.
IMO, it's much better to try for a special assessment. Also, what about a dues increase? I know that won't give you as much $$$ all at once but it will continue to bolster your operating income, whereas the special assessment is a one time. Frankly, you may need both! |
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JesseB
(North Carolina)
Posts:6
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| 07/14/2008 11:08 AM |
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| Douglas, are you having trouble pass a special assessement or are you having problems collecting an assessement? |
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JesseB
(North Carolina)
Posts:6
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| 07/14/2008 11:08 AM |
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| Douglas, are you having trouble pass a special assessement or are you having problems collecting an assessement? |
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DouglasJ
(Maine)
Posts:6
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| 07/14/2008 2:19 PM |
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This association has not pursued a vigorous policy of collecting assessments. That is one of the problems. In addition a speccial assessment would have to be paid immediately or it would not benefit us.
We have a new managment company and the new treasurer is pushing to get things done in a timely manneer
DRJ |
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MaryA1
(Arizona)
Posts:2259
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| 07/14/2008 4:31 PM |
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Douglas,
The board should adopt a collection policy which outlines, step by step, what actions will be taken to collect delinquent assessments. This policy should be mailed to each member of the assn. If a special assessment was passed the board should have stated when payment was due. If not paid when due, the special assessment then becomes a delinquent assessment and is subject to collection the same as the the regular assessment. The worst thing a board can do is be lax on collecting delinquent assessments. |
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RobertR1
(South Carolina)
Posts:2159
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| 07/14/2008 6:29 PM |
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Douglas,
It also sounds as if your association needs to have a round table discussion and possily appoint a couple knowledgeable owners to over sight all this. You might benefit from some drastic reorganizarion overhaul. With forty unit I would surely look a self management and save those costs. In any event you all will benefit from some good old fashion "Barn raisin" neighborhood effort. Hard to tell from your post if this is a troubling incident or do you all operate from crises to crises, and the faults are deeper. Self analysis might help. |
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