VideoAgentGuy.com

When people have problems, they find me on the Internet and call me for my advice.

Last week a lady called me to tell me that her water had just been turned off. She said that everyone in her building seemed to have had their water turned off. I told her that maybe she should call the water department. She said that she had already done that and they said that there was an unpaid water bill. When she told me the amount I fell out of my chair.

The condo association had a past due water bill of $500,000!!!

The Camelot Club Condominium Complex has about 300 units. She said that the HOA only had 4 of the 12 positions filled. They had a management company who managed the affairs of the complex. One of their duties was to pay the water bill for the community. Water is included in the $192/month HOA fee.

I gave her the name of a good lawyer, Larry Feldman of the Roberts Law Firm. I love his motto: Don’t get mad, get even. It sounds like there’s a good lawsuit in there somewhere.

I just couldn’t believe this story. I figured it might be a big story on the TV news but I never saw anything. I’ve been searching on Google News and still didn’t find anything.

But tonight I finally found some evidence to support the story. Camelot Club Condominiums was #2 on a list of the biggest water bill deliquents in the city of Atlanta in December.

Then I saw a reference to Camelot Club Condominium Association filing for bankruptcy on January 29, 2009.

The caller said that things seemed to be going down hill over the last few years. More people renting and more foreclosures. I guess a lot of HOA dues weren’t being collected. Who knows what was being done with the dues that were collected.

I guess the lesson here is to really dig deep when doing your due diligence when buying a condo. You’re not only buying your unit, but the liabilities of the whole community.

I’ve been fortunate to have some real live buyers to work with.

One buyer was looking for a bank foreclosure deal in Cobb County. They narrowed it down to 3 choices. Before we could put an offer in on their top choice, it was already under contract. This was a $600,000 new home on a very busy street corner. I was shocked that we got beat out on it. But I actually was grateful because I didn’t really want them to buy it. Instead, we negotiated a great deal on their second choice. A bank foreclosure that was listed at $710,000 and we got it for $525,000

I’m working with one nice couple looking for a home with a pool in East Cobb or Alpharetta. They feel that while interest rates are low, it might be a good time to invest in real estate vs. the stock market. They currently own a small home and will be renting it out. I sent them a list of 15 homes, and of the 5 they chose to look at, 2 just went under contract.

I’m working with an out of town couple looking for a home that is convenient to Life College, a chiropractic school in Marietta.

I have two past clients who are now looking to buy a rental property in the north Cobb area. Every day I search the new foreclosure listings and send them the ones that look like good deals.

The bottom line seems to be that life goes on and people are still moving around. One way or another, people are finding ways to buy homes.