Condo Budget Analysis

[ZZGAMAZZ]

To Ron's Post# 71:

--The question concerning the subject's viability relative to similar projects is contingent upon the word "appears," which warrants an opinion based upon visual analysis. I have no court experience but would be willing to support my contention that Project A "appeared" similar in quality/condition/status to Project B.

--Nope, I have no clue concerning the actual intriacies of my HOA or the financial status of my condo development; to try to analyze the balance sheet or operating income statement of a million dollar entity exerting reasonable due diligence would be no more fruitful than a visual walk-through of the grounds...

 

[ZZGAMAZZ]

Accelerating the scenario and addressing the question to appraisers who have conducted the financial analysis and determined that the budget was not adequate: How did you describe the result of your analysis, and what was the impact on the pending collaterization (just to ensure that the due diligence if conducted ad nauseum is not entirely pedantic).

Moderator: Can I get sum luv for the OP with a star by my name?

 

[Couch Potato]

Accelerating the scenario and addressing the question to appraisers who have conducted the financial analysis and determined that the budget was not adequate: How did you describe the result of your analysis, and what was the impact on the pending collaterization (just to ensure that the due diligence if conducted ad nauseum is not entirely pedantic).

Moderator: Can I get sum luv for the OP with a star by my name?

The last time I deemed a budget inadequate the gist of my comments was the high probability of a special assessment to replace the roofs that were leaking and being patched on a regular basis. I have no idea if it had any impact on the loan or not.

 

[jay trotta]

October 2001;

7. The need for rigorous customer "due diligence" standards is not restricted to banks. The Basel Committee believes similar guidance needs to be developed for all non-bank financial institutions and professional intermediaries of financial services such as lawyers and accountants

Found this in some white paper on Banking regs. for ya'lls review and thought the "key language" here is: "Profesional Intermediaries of Financial Services, such as Lawyers and Accoutants" - I yam not "Licensed in Either", how bout You ?

 

[jay trotta]

Tater;
what happened, I make a lil post regarding due diligence on this Budget Analysis issue and all the soup coolers are quiet.....hmmm

 

[Couch Potato]

Tater;
what happened, I make a lil post regarding due diligence on this Budget Analysis issue and all the soup coolers are quiet.....hmmm

Quiet because your post lacks the needed context and reference to be relevant to anything.

 

[ZZGAMAZZ]

CP: Sincerely speaking, how did you know that a special assessment was necessary for roofing? Wouldn't it be necessary first to determine whether the routine fees were being allocated appropriately? My opinion based upon limited experience is that this type of judgement would require an extraordinary assumption of the nth degree to avoid having the management company and/or the Board seeking redress for libel.

 

[Couch Potato]

The roofs of the buildings were in bad shape. The HOA had less than 20% of the funds needed to replace the roofs and the fees were too low to cover the cost. Libel is easy to defend against when one's statements are based on reasonable conclusions without any malice, and particularly when given as an opinion.

We are paid to give our opinions. If one is too scared to give an opinion, one should find a different profession. Likewise if one cannot make reasonable judgements about the condition of properties and do simple cost estimates.