Bank Owned Condo ...help!?

Question

I own a bottom unit. The above is leaking from rains and its bad enough that my tenants note soft sheetrock on the ceiling and leaking when raining. The above unit has been vacant for months and the bank that owns it is a private bank with no public REO division to speak to. This creates great liability all the way around. Tenants have a small child. Mold only takes 72 hrs from what I hear. The HOA is a joke. I live too far away to be involved. How do I contact the bank (i've tried online inquiry on their site & calling). This is a west coast property owned by Bank of New York and the foreclosed loan was only for 105K...so like they care! I'm on the Management company like a massive squeeky wheel...Ideally I'd like to throw the bank a bone to take this problem off their hand and deal with the unit repairs myself and flip the top unit......the management co. maybe thinking the same thing and moving slower than is acceptable to accomodate me and my tenants.... Any Ideas?

Answer 1

you need to deal with HOA sorry...they are in charge of stuff like that...otherwise threaten a lawsuit.

Answer 2

CALL YOUR LOCAL AUTHORITIES - EITHER TOWN OR COUNTY , these are the ones that control taxing and inspections, so contact license & inspections-

They will inspect for damage and water leaks.

They can fine the owners of the property including any banks.

Call the Bank - and talk to the highest VP or President of the bank - and tell them of the continued gross negligence - that could be willful gross negligence - and that you will have to turn them in to license & inspections for the damage that they are causing you.

You will be somewhat protected when you contact them ASAP. Keep a log of all your calls.

You can also file with your insurance company and they will in turn sue the people who are causing the damage - and again you are doing this to protect you investment, and they have lots more lawyers who do this all the time.

Do this without a lawyer - if you can, as then it will cost thousands and you can have a more direct result if you do it yourself.

GOD bless us always.
MBA-Boston Univ.
CPA-retired
I sold real estate working through college - and we had these problems all the time. When the homeowner took charge, direct results were resolved!