QUESTION
Colorado.Purch townhome 11/25/13. HOA financial statement (09/13)showing reserves $136k. Assoc is now -400k due to deductable f/storm 08/2013 storm.
Asked on Sep 29th, 2014 on Residential Real Estate - Colorado
More details to this question:
Per long time owner. Hazard policy was changed prior to 08/2013 storm with 2% deductable. The person purchasing the policy thought it was 2% of damage...It was 2% of property value. Much of damage has not been repaired. New prop mgmt comapny hired family member for midigation who hired non-local roofers who were paid before inspection completed. The majority of buildings did not pass roof inspection. Do I (and other owners) have recourse? Does the fact I didnt own at the time of the storm make amy diff? Should the problem have been disclosed when I purchased?
1 ANSWER
3 Awards
The disclosure may or may not have been known at the time of the disclosure. So long as the HOA was not dishonest in its disclosure they are protected.
The HOA has recourse against the roofers. You may have a claim against your HOA for collusion or fraud but this will take some investigation to determine. Can you get a group of homeowners together to split the cost of the suit against the HOA?
Good luck!
Answered on Sep 30th, 2014 at 1:01 PM
Call Don at (303) 688-0944 or email at Reception@RobinsonandHenry.com This information is provided AS IS; and does not create Client Relationship.