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Ferndale, Wa
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Kenmore, WA
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Leaking Parking Garage
[#2] Posted: 04/12/2012 - 07:45:40 AM |  |  |
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Include it in the report. Recommend it be reported to the HOA, assessed by a contractor and repaired as needed. Tell the client to check with the HOA, or review minutes of HOA meetings, to find out if they're aware of it; and, if so, find out what they're doing about it.
At that point you'll have done all you can do.
ONE TEAM - ONE FIGHT!!!
Mike
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Ferndale, Wa
Posts: 26
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Leaking Parking Garage
[#3] Posted: 04/12/2012 - 08:06:26 AM | | |
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This is what I said.
It is understood by the real estate agent that this issue is being addressed in the recent reserve study that was contracted out by the Home Owners Association. It is recommended that the buyer review the comments made about this condition and understand what obligation and or liabilities each owner of this building may have in regards to maintenance and or repair of this condition.
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Evergreen Park (Chicago), IL
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 Leaking Parking Garage
[#4] Posted: 04/12/2012 - 09:26:57 AM | | |
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I would report as Mike recommends. Your comment sounds like a lot of mumbo jumbo.
Why did you mention the real estate agent?
I send this article to most of my condo clients:
From Smartmoney.com
7 Questions You Must Ask Before Buying A Condo
1. "What's the beef?"
Take a look at the minutes of the condo association board meetings to see what the owners have been
griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know
that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes
will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected
to mention.
2. "Who's been naughty and who's been nice?"
Find out the delinquency rates of present owners. If people aren't paying their association dues on time, that
is either a sign of discontent or an indication that the association might be underfunded.
3. "How much is in the repair fund?"
Ask if the community has done a reserve-fund review in the past five years. Lester Giese, the author of The
99 Best Residential & Recreational Communities in America, recommends the following formula: If the
complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs,
roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20
years, that amount should be 50% or above. Residents who brag that they don't pay much in maintenance
may be in a complex that either is not being kept up well or is living beyond its means.
4. "Can you cover me?"
If you look at nothing else, get a copy of the certificate of insurance, which is a summary of the association's
policy. First see if the replacement costs covered by the policy are an accurate estimate of the cost of
rebuilding. Then make sure that the policy has a building-ordinance clause, which means that the insurance
will cover the cost of bringing the building up to code if there is any rebuilding to be done. On older buildings,
there may have been many code upgrades since the time of construction. Finally, make sure that you
understand exactly what the association policy covers and what you are responsible for. The smart condo
owner will insure his or her personal belongings, along with any other items within the unit that are not
covered by the association's policy. If you have trouble understanding the insurance lingo, take the
insurance certificate to an agent whom you trust and who understands the state laws.
5. "Does the association present any legal problems?"
Buying a single-family home without a lawyer is no big deal for many people. But with a condo, there's so
much more involved. Contact a local real estate lawyer and have him or her go over the bylaws of the
association. Do they make sense? Are they consistent with the state laws? Giese, the author, once found
that the association bylaws of a large garden-style condo complex had been lifted from the books of a highrise
condo, leaving confused tenants with rules about shared hallway space and the correct use of garbage
chutes. Benny Kass, a Washington real estate attorney, recommends that you also have your lawyer screen
the association at the local courthouse, to see if any owners have filed suit against it.
6. "Is the complex renter-friendly?"
If the renter population is over 10%, there should be clear rental policies, either listed in the bylaws or tacked
on as an amendment. Does the management company find renters for you? If so, do they get enough good
renters? Ask other tenants about their experience. In addition, ask to see the association's rental lease, and
have a real estate lawyer look it over. Keep one thing in mind, though: An association can change its bylaws
to prohibit or restrict renting at any time. The more owners who rent, the less chance that will happen.
7. "Am I my community's keeper?"
Watch out for a condo whose owners manage the place themselves. Although many are operated efficiently,
self-management can lead to more hassles for owners -- especially those who live thousands of miles away.
If the complex is professionally managed, check out the management company as thoroughly as you check
out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-today
manager directly. If you hook up with a bad manager, you can be sure of this: Your dream condo will
keep you up at night.
A real estate agent once said to me, "You know that article you sent to the buyer, don't do that again." She stopped referring me. I thought I was helping her client.
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Mike Lamb
http://www.inspection2020.com/ |
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Victoria, British Columbia
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Leaking Parking Garage
[#5] Posted: 04/12/2012 - 09:36:44 AM | | |
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You didn't say the age of the building. There could be a couple of different issues happening there, but, yes, it is something your client needs to know about.
A leaking membrane above the underground garage is pretty common here, and the condo owners will ignore small weeping cracks for quite a while. Sometimes they will hang up troughs to stop the drips from landing on vehicles. The hazard is that any steel in that concrete will start to rust and that could lead to major problems, no doubt.
Sometimes the membrane can be patched by injection, but the best repair involves excavation of the grounds around the building, a new membrane, and all new landscaping.
The best practice is for the condo owners to have an engineering report done and to start budgeting for repairs. If there is no plan in place for repair of those dripping seams, it is a heads up for your clients - future expense.
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Collins, NY
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Leaking Parking Garage
[#6] Posted: 04/12/2012 - 09:52:06 AM | | |
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Lamb, that's a great article but it's old enough that it doesn't come up on a search at Smartmoney.com. Got a pdf of it you could share?
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Tom
http://clearcreekhomeinspection.com/
Life is tough enough as it is, it's tougher when your stupid. Don't do stupid things.
Dr Joe Lstiburek |
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Evergreen Park (Chicago), IL
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Collins, NY
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Leaking Parking Garage
[#8] Posted: 04/12/2012 - 1:39:01 PM | | |
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Thanks
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Tom
http://clearcreekhomeinspection.com/
Life is tough enough as it is, it's tougher when your stupid. Don't do stupid things.
Dr Joe Lstiburek |
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Ferndale, Wa
Posts: 26
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Leaking Parking Garage
[#9] Posted: 04/13/2012 - 08:37:31 AM | | |
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John The building is 4 years old.
I mentioned the Real Esatate agent because she kept insisting that this was a non issue because a reserve study was just completed. However she did not have a copy of it to review as the report was not yet finished.
After makingn that statement in the report the realtor was not happy with it. She came back that the information she had was just hearsay. She did not actually know if the study had been done or not.
I did also recommend they have a structural engineer evaluate the condition and make any necessary recommendations for maintienance or repair
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Spring Hill (Nashville area), Tennessee
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Leaking Parking Garage
[#10] Posted: 04/13/2012 - 1:21:28 PM | | |
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You might want to contact JD Grewell in Silver Springs MD, he has done many parking garages over the years. He is a wealth of information and has helped me with similar issues in the past.
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Scott Patterson
http://www.traceinspections.com
"Minds are like parachutes they only function when open"
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Redondo Beach, California
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From Smartmoney.pdf
