Condo Snafu

[Anonymous]

I'm selling my DC condo. The association has Actual Cash Value (ACV) coverage vs Replacement Cash Value (RCV), but it appears that most lenders will deny a loan unless there is RCV. That is the only piece holding up my current pending contract. So, this basically means I can't sell my condo? Is there anything I can do other than repeatedly ask (which I already have) the board and/or management company to change the policy?

[Anonymous]

Find a cash buyer and sell at a discount.

[Anonymous]

Collect signatures of the owners to change the insurance policy.

[Anonymous]

Tell the buyer to find a different lender. Unless no one is buying condos in your building, there are lenders out there for which this isn’t an issue.

[Anonymous]

The condo does not have insurance that would allow them to rebuild after a fire or other major damage. They need to change it.

[Anonymous]

I am the Condo Treasurer my Condo and I would be more than happy to have you get involved in getting quotes, negoiating coverages, be involved in bid process on our annual insurance renewal.

But you are treating the volunteers like your personal servants. If you want to change it help or keep quiet. No offense but last few years everyone who wants stuff updated I put them on a subcommittee to help fix it. Like some guy wanted me to research sump pumps as if I have time. He did do it. Which was helpful. Turns out only one building was low enough needed and he helped with bidding on sumppump and we authorized. As I like to say it is not my job to do your job.

I do have ACV coverage but I could see a low risk condo with very low reserves and lower income owners who cant afford higher common charges paying for less coverage.

My building is mortgage eligible but half buyers pay cash anyhow. People trading down pay cash. We get some over 60 folks trading down. So not that hard to get a cash buyer.

[Anonymous]

Anonymous wrote:I am the Condo Treasurer my Condo and I would be more than happy to have you get involved in getting quotes, negoiating coverages, be involved in bid process on our annual insurance renewal.

But you are treating the volunteers like your personal servants. If you want to change it help or keep quiet. No offense but last few years everyone who wants stuff updated I put them on a subcommittee to help fix it. Like some guy wanted me to research sump pumps as if I have time. He did do it. Which was helpful. Turns out only one building was low enough needed and he helped with bidding on sumppump and we authorized. As I like to say it is not my job to do your job.

I do have ACV coverage but I could see a low risk condo with very low reserves and lower income owners who cant afford higher common charges paying for less coverage.

My building is mortgage eligible but half buyers pay cash anyhow. People trading down pay cash. We get some over 60 folks trading down. So not that hard to get a cash buyer.

But, when your options are only cash buyers it will depress your investment.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am the Condo Treasurer my Condo and I would be more than happy to have you get involved in getting quotes, negoiating coverages, be involved in bid process on our annual insurance renewal.

But you are treating the volunteers like your personal servants. If you want to change it help or keep quiet. No offense but last few years everyone who wants stuff updated I put them on a subcommittee to help fix it. Like some guy wanted me to research sump pumps as if I have time. He did do it. Which was helpful. Turns out only one building was low enough needed and he helped with bidding on sumppump and we authorized. As I like to say it is not my job to do your job.

I do have ACV coverage but I could see a low risk condo with very low reserves and lower income owners who cant afford higher common charges paying for less coverage.

My building is mortgage eligible but half buyers pay cash anyhow. People trading down pay cash. We get some over 60 folks trading down. So not that hard to get a cash buyer.

But, when your options are only cash buyers it will depress your investment.

The market in action.

[Anonymous]

[mastodon]

Anonymous wrote:

Anonymous wrote:I am the Condo Treasurer my Condo and I would be more than happy to have you get involved in getting quotes, negoiating coverages, be involved in bid process on our annual insurance renewal.

But you are treating the volunteers like your personal servants. If you want to change it help or keep quiet. No offense but last few years everyone who wants stuff updated I put them on a subcommittee to help fix it. Like some guy wanted me to research sump pumps as if I have time. He did do it. Which was helpful. Turns out only one building was low enough needed and he helped with bidding on sumppump and we authorized. As I like to say it is not my job to do your job.

I do have ACV coverage but I could see a low risk condo with very low reserves and lower income owners who cant afford higher common charges paying for less coverage.

My building is mortgage eligible but half buyers pay cash anyhow. People trading down pay cash. We get some over 60 folks trading down. So not that hard to get a cash buyer.

But, when your options are only cash buyers it will depress your investment.

Actually the opposite has happened, we have gotten a newscaster, doctor, hedge fund person lately. We are not cash only. Banks just want 25 percent down if not Fannie eligible or as they say non warrantable, plenty of banks do the loans at low rates. Just want more down which brings in better new owners.

[Anonymous]

Anonymous wrote:I am the Condo Treasurer my Condo and I would be more than happy to have you get involved in getting quotes, negoiating coverages, be involved in bid process on our annual insurance renewal.

But you are treating the volunteers like your personal servants. If you want to change it help or keep quiet. No offense but last few years everyone who wants stuff updated I put them on a subcommittee to help fix it. Like some guy wanted me to research sump pumps as if I have time. He did do it. Which was helpful. Turns out only one building was low enough needed and he helped with bidding on sumppump and we authorized. As I like to say it is not my job to do your job.

I do have ACV coverage but I could see a low risk condo with very low reserves and lower income owners who cant afford higher common charges paying for less coverage.

My building is mortgage eligible but half buyers pay cash anyhow. People trading down pay cash. We get some over 60 folks trading down. So not that hard to get a cash buyer.

A condo board should be motivated to fix this regardless.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am the Condo Treasurer my Condo and I would be more than happy to have you get involved in getting quotes, negoiating coverages, be involved in bid process on our annual insurance renewal.

But you are treating the volunteers like your personal servants. If you want to change it help or keep quiet. No offense but last few years everyone who wants stuff updated I put them on a subcommittee to help fix it. Like some guy wanted me to research sump pumps as if I have time. He did do it. Which was helpful. Turns out only one building was low enough needed and he helped with bidding on sumppump and we authorized. As I like to say it is not my job to do your job.

I do have ACV coverage but I could see a low risk condo with very low reserves and lower income owners who cant afford higher common charges paying for less coverage.

My building is mortgage eligible but half buyers pay cash anyhow. People trading down pay cash. We get some over 60 folks trading down. So not that hard to get a cash buyer.

A condo board should be motivated to fix this regardless.

Why would a condo board be motivated to fix this? I bet if they told all the residents that their insurance would now increase (probably substantially) they would get a revolt.

[Anonymous]

higher common charges

All most people would pay attention to is, "The Board is considering a huge increase in HOA."
You've lived there and never before paid attention to the insurance question, that's how others will be.
There won't any motivation to change the (Master) insurance coverage.