I was hired by a local bank to complete the appraisal for this transaction so I called the realtor to set the appraisal appointment. While I was at the condo I spoke to the property manager and discovered that there was a $10,341 special assessment due in full at closing. So I put this information in the appraisal and sent it to the bank.



Approximately two weeks after finishing the appraisal I got a call from the realtor who just happened to be the listing and selling agent. She proceeded to rip me a new one for putting the special assessment in the appraisal. I asked her why she was so upset and she said that Bernice found out about this and was able to get her deposit back and void the contract.

I explained to the realtor that I was just doing my job and that she should be ashamed of herself for not disclosing this to her client. Well needless to say the realtor was not happy with me and slammed the phone.

Unfortunately this wasn't the first time in my 21 years of experience that I was involved in a scenario like this.

So if you're thinking about buying a condo you might want to ask these questions;

1. What is the monthly/yearly maintenance fee?

2. Are there any special assessments now or in the near future in the condo budget?

3. Is there a recreation or land lease in the condo project?

Ask your realtor, property manager or management company for these answers before you make an offer because it may affect the financing you can obtain. Plus it may keep you from making a $10,341 mistake!