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Learn How A Lady From The Bronx Almost Made A $10,341 Mistake

Jun 28, 2008
This is a true story of how I saved a little old lady from the Bronx $10,341. Let's call her Betty. Betty was about to purchase a condominium in Pompano Beach, Florida from a local realtor. She was going to buy this condo sight unseen and trusted in the realtor.

I was the real estate appraiser on this deal and found out that there was a special assessment of $10,341 due in full on this unit at the time of the closing. Well part of my job as an appraiser is to state if there are any special assessments with all the details. This information is listed on the sixth line of the first page of the condo appraisal form. So I stated that special assessment amount of $10,341 and on the addendum stated what the purpose of this special assessment was for.

So about two weeks after I finished the appraisal I got a call from the realtor. Now this realtor just happened to be the listing and seller agent. She proceeded to ask me why I put the special assessment information in the appraisal because it killed her deal and that Beth backed out of the contract and got her deposit back.

I simply told her that I was just doing what was required of me and that she should have disclosed this to Bernice before she made an offer.

I know this is a sad situation but it wasn't the first time something like this happened to me in my 21 years of experience.

Whenever you purchase a condo you should always ask and get the answers to these three questions:

How much are the yearly/monthly maintenance fees?

Is the condo planning any special assessments in the near future?

Are there any land lease or recreation lease fees?

Make sure you ask your realtor, condo manager or management company these questions before you make an offer. These factors may affect your decision, financing or save you $10,341!
About the Author
About the author: Frank Kasper has retired after 21 years of being a residential appraiser. He know enjoys writing about his experiences and investing in foreclosures. To see what Frank uses when investing go to short sales
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