Education With an HOA Lender & An HOA Project Manager - The Building Doctor Show Ep. 07

What kind of prep work should we do to get ready for a special assessment?
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Questions covered in this webinar:
1. What kind of prep work should we do to get ready for a special assessment?
2. We have a special assessment coming, but we don’t know all the details yet. I’m afraid the owners are going to start asking a bunch of questions the Board and management don’t know how to answer. I’d rather wait and gather more information from a lender and our consultant before I share too much with the whole Association. When am I obligated to break the news?
3. How should we plan to maintain after repairs are done? The building is going to be completely different after the repairs (new types of siding, roof, windows I’m not familiar with…)
4. We have a special assessment coming up. Can people pay in full up front to avoid interest? Will this affect the loan at all? Who will keep track of who paid what? Will the pre-payers be obligated to pay more down the road?
5. Can you explain the process of pay applications with contractors and prepays? How does it affect interest on the loan? (How to make interest on your loan funds?)
6. We got a loan to do siding and roofs but it looks like we’re going to have a lot of extra money so our Association wants to put up new fences and mailboxes. Is it okay to use the money for that since it’s all for the community? Or can we at least put that money in our Reserve Account?
7. Does an HOA loan cause a lien to be filed on my unit? Am I able to refinance during this process? What happens at sale time if I still have a loan?
8. What happens when something goes wrong with payments or money? What if we fall behind on our dues but not the assessment? What if my neighbor doesn’t make their payments?
We had a special assessment a few months back and I’m pretty sure the management company is not keeping track of the money. There were several owners who pre-paid and the manager is just not being responsible. How should we confront them?
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#BUILDINGDOCTORS #REMEDIATION #RESTORATION
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