Unable to sell the condo...

I live in South Florida...I inherited a condo and having problems from selling due to the HOA..this is a 10 unit bldg, their are no by laws made.

How do you get to write these by laws needed by the bank..who does this, an attorney..the gentlemen in charge of the HOA have no idea what they are doing.

Does anyone know how to check to see if everything is in place to this HOA, what are if any other documents needed..I would like to sell this property and get rid of it..but the bank claims that this HOA is too weak..too much needed and they do not want to lend money to the buyer.

Help...Miriam

Miriam,
There ARE Documents, including the Protective Covenants, Articles of Incorporation and Bylaws. If there is a HOA, there are all of these Documents on file either with the State of Florida in Tallahassee, under "Not For Profit Corps." Or the "Clerk of Circuit Courts" in your County will have them on file.

Now, I am finding what the Bank claims that the HOA is too weak? How the heck does the Bank know what the HOA is like? The Banks usually want a copy of the HOA documents when they are financing a unit within the HOA. Because you do not have Docs, they cannot make a judgement call on the loan. I would contact either the Board or Property manager because there ARE copies of the documents somewhere, you just don't have them. They should have been in the posession of the previous owner.

Miriam the bank may not approve the loan for a number of reasons. The days of allowing loans to people that shouldn't qualify for one on over priced or mismanaged properties is hopefully over. Or the buyer simply didn't qualify for whatever reason and is giving you an excuse. Do you have an agent (who should be handling all of this) or are you trying to do this yourself? How about your sister is she interested in buying it?