Condo Media - June 2021 - 41

In my case here, I wrote back to the
attorney and indicated that I did not
think a lack of reserve was the true
reason for the " lost sale " and that the
association was not at fault. Rather,
I advised him that the reason for the
failed deal was that one or two investors owned a substantial portion of the
units, and that I suspected this was the
real reason the loan application failed.
I suspect that given the hot real
estate market right now, it was not
the reserve or perceived lack thereof
which chilled this deal. The association has been around for decades,
professionally managed, and well run.
The board members are top notch
and experienced businesspeople.
The buildings and environs may be
old, but the board and its unit owners
are taking meaningful steps to address
the upgrades necessary. Not that it
will ultimately matter after the attorney shows the lender the savings
accounts, but for the record, there is
no requirement in the Condominium
Act in general, nor the association's
governing documents specifically
directing that it be FHA, Freddie,
or Fannie Mae complaint. That said,
if the Declaration or Bylaws directs
the association to maintain a reserve
fund, then so shall there be one set up.
Moreover, should the governing
documents direct that the reserve
funds be " adequate " then so shall the
funds be adequate. Query though,
what is adequate?
To be sure, there may be an issue
with these government subsidized
lender agencies concerning the
owner/tenant ratio, which may be
flagging the originator, but that can't
be helped here. The point is, before
having association boards chase their
tails adjusting reserves, it's best to
ascertain the true reason for the loan
application failure.

First Realty Management
Congratulates
MICHAEL TUCKER, Facilities Manager
Crossroads on the Charles, Watertown
Unsung Hero of the Year

MARIA FERNANDEZ, Manager
Wellesley Green, Wellesley
Site Manager of the Year

First Realty ManageCongrat
mployees
We Create Quality Communities Together
151 Tremont St., Boston, MA 02111
firstrealtymgt.com | 617-423-7000 I facebook.com/FirstRealtyMgt

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June 2021 CONDOMEDIA

41

Condo Media - June 2021

Table of Contents for the Digital Edition of Condo Media - June 2021

Contents
Condo Media - June 2021 - Cover1
Condo Media - June 2021 - Cover2
Condo Media - June 2021 - Contents
Condo Media - June 2021 - 2
Condo Media - June 2021 - 3
Condo Media - June 2021 - 4
Condo Media - June 2021 - 5
Condo Media - June 2021 - 6
Condo Media - June 2021 - 7
Condo Media - June 2021 - 8
Condo Media - June 2021 - 9
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Condo Media - June 2021 - 11
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Condo Media - June 2021 - 40
Condo Media - June 2021 - 41
Condo Media - June 2021 - 42
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Condo Media - June 2021 - Cover3
Condo Media - June 2021 - Cover4
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