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CB Condo and Homeowners Associations Review of Hammersmith Management/Dayton Green Condominiums
Hammersmith Management/Dayton Green Condominiums

Hammersmith Management/Dayton Green Condominiums review: Non compliant 1

L
Author of the review
9:57 pm EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Read this if you are buying at dayton green. I lost my purchase due to the hoa not complying with my lender wanting a condominium certificate to prove that the hoa has the 2% deductible on 22 million hail and wind policy which would equate to $440, 000.00 in the reserve account. The dayton green hoa & hammersmith management have lied to past present and future homeowners that they are covered. The homeowners are covered foe 22 million dollars, but do not have adequate funds for 2% deductible. My lender told them to go to another insurance agency and get a deductible for 1% and he would close the deal. The hoa would be in compliance per the law of fannie mae, but they refused. The hoa has 220, 000 in the reserves, but hoa and hammersmith management were adamant in holding an emergency meeting and rectifying the issue for all parties concerned. Sure you can get around this closing if you put 10, 15, 20% down as the lenders will unwarranted the property under the federal laws, but then you are faced with an hoa who you will have to fight from the get go!
Bottom line don’t buy into dayton green if you have half bean in your head! Bad for all and many lawsuits to come down the road!

Resolved

The complaint has been investigated and resolved to the customer’s satisfaction.

1 comments
J
J
Joseph Mora
, US
Jan 02, 2016 7:33 pm EST

The Dayton Green owners are free to collectively decide how much money they want the HOA to have in reserves. The money comes through assessments. I don't think the complaining buyer understands that. If the owners want $440 K in reserves and there isn't they can vote themselves a special assessment. If a buyer, and its lender, don't like the HOA reserve balances they are free to pass on the transaction. It's America, the buyer doesn't have to buy and the lender doesn't have to lend. It's inappropriate for a low class buyer who doesn't understand the basics of HOA common ownership to act like they have been mistreated. There are over 140 owners at Dayton Green, one potential new buyer who doesn't have common sense about where HOA money comes from won't be missed. If someone wants to buy and increase the reserves they can do that by soliciting their fellow owners for an increase in dues and/or special assessment. I've owned for 20 years and I've never heard of a fool who decides not to buy because there isn't (in their or their lenders opinion) enough in reserves and then acts like an imbecile as if something was hidden from them they didn't find out about until after they bought.