What are the issues in buying a condo where the condo association has fallen apart?
My son’s looking for a condo or residence to puy in the area around Cambridge, MA. He’s found a condo in a 4-unit building. It’s small but has plenty of room for him, and if he and his lady friend get serious, she could fit in easily too. It’s a bank owned property being offered on short sale at a very attractive price, and he has the cash to do the deal. No financing is allowed. It must be a cash purchase. So far, it sound terrific. However, we learned today that there is some issue that’s caused the condo association formerly responsible for the building (and I believe the 4-unit building next door) to fall apart. The occupants of the three remaining units in the building are not paying their condo dues.
The property looks well kept. It’s clear that somebody is still caring for the common areas. How does condo association disassociation usually get resolved? What is the worse case scenario, and what are strategies my son might use to actually take advantage of the dilemma? Also, what are the issues with buying on a short sale?