Fellow Mustachians:
I made an offer on a short-sale condo for more than $50K below the last sale price two years ago. The condo hits all of my must-haves -- two bed, two bath, very low HOA and taxes, separate living/dining/kitchen, recent renovation, and a place to store my bike. It is also on the commuter rail line, so even though it is farther from the office, it would cut 20 minutes off of my commute.
To my honest surprise, the offer was accepted. I am now in the contract review stage, and one big red flag has come up that make me wonder if I should walk away. Specifically, the Condo Association has only $4,000 in reserves. This is on an 8 unit building, which strikes me as deeply, absurdly low. While I obviously like the low HOA fee, I would very strongly prefer those reserves to be at least 5 or 6 times that, and I worry about my ability to convince my fellow condo owners to up the HOA for a year or two to build up reserves.
I'm also annoyed that I am unable to find a lender that is willing to lend at published rates. I have no debt, excellent credit (a smidge under 800 since the student loans were paid off), a 20% down payment, and a job that pays very well. If I am not getting the advertised rate, then who the hell is?
Anyway, thoughts appreciated, as always. Thanks folks.