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A reader asks a question about Reno Condos-Condos for sale in Reno, Reno HOA associations

Asking for concessions
Asked by Jonray, Reno, NV • A few minutes ago

I am currently under contract to purchase a 3 bdrm condo. I have recieved the HOA docs and the sale is contingent on my approval of the Docs. The reserves are about half as strong as they should be and some major expenditures are planned in the coming years. The HOA’s are comparatively high, but not unreasonable. Hoa meetings seemed fine but have had some security issues. I like the place and am making a cash offer. You guys know how tight the market has become on reasonably priced places. Should I try to get the seller to give me some sort of credit. This is a regular sale. Thanks

Gentle Reader,

Wow, great due diligence! However; be careful not to overthink/research it. There is no such thing as the perfect HOA, they generally all have issues. Hopefully the complex can still be financed and a lot of Attorney’s aren’t banking their retirement with bogus construction defect claims, mold rush claims etc. then you are at least off to a good start.

Don’t look a gift house in the mouth if there is nothing left and prices are skyrocketing in there, just get on this crazy train they call a seller’s market. With that said…we are not out of the woods in Nevada and this may be a mini buble ie; a short term seller’s market in a long term buyer’s market.

Read my blog about HOA’s I did a while back, (you may have to copy-paste); http://bit.ly/MR9YLO

Ron Bell Reno Realtor-Agent
Coldwell Banker Select Reno
775-750-5256

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