My retired parents have owned an investment condo in Southern California for approximately 10 years. They unfortunately purchased it at the peak of the last bubble and managed to find one of the few markets in California where the prices never recovered. They have been holding on to it in the hopes that prices will rise to the point where they can at least break even on their investment. However, last year their condo assoc. informed each condo owner that they would be required to deposit $10k each to bolster the association's reserve fund. But instead of the money going into the reserve, the board spent the money on infrastructure (e.g., plumbing). Now the board is back with their hands out asking for an additional $18k for the reserves and my parents have had enough. The board plans to vote on the issue on March 1st of this year. My questions is this: if my parents somehow managed to sell their condo before the board has a chance to vote, will my parents still be on the hook for the $18k?
Submitted January 23, 2017 at 01:05PM by singleladad http://ift.tt/2kkpbvI
