How much time to come up with repair cost???

[tcatan]

Washington state

I live in a small condo complex of five units. We were told yesterday that the roof is need of replacing and the cost would be about $4,000 each. Our HOA wants to start the project this summer (June). There is no possible way we can come up with those funds by this date. Is there an amount of time an HOA must allow for before requiring to set forth a large sum of money? My parents own a condo and they were given a year before a roof replacement.

Thanks

 

[colourfastt]

Washington state

I live in a small condo complex of five units. We were told yesterday that the roof is need of replacing and the cost would be about $4,000 each. Our HOA wants to start the project this summer (June). There is no possible way we can come up with those funds by this date. Is there an amount of time an HOA must allow for before requiring to set forth a large sum of money? My parents own a condo and they were given a year before a roof replacement.

Thanks

The first question I'd ask is why there isn't a reserve fund for this sort of repair.

 

[dmcc10880]

The first question I'd ask is why there isn't a reserve fund for this sort of repair.

Excellent question. In the absence of a reserve fund, assuming the OP owns the condo, you pay what you can pay and the HOA will likely place a lien on your condo for the amount you owe until the unit is transferred by sale or paid off. In a very small HOA, it's best to not duck the issue, but look for options with your neighbors.