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To those of you who are on condo boards, to what extent (if at all) do your buildings scrutinize the financials of prospective buyers? How do you do it? What guidelines do you use?
Usually the financials for the past few years should be reviewed. You want to determine, did the prospect make 250K this year, and he is boasting this, while he only made 65K for the last 2-3 years before that. This is a red flag... did he inherit the money to buy the unit? then the insurance of a steady adequate income is more important... you have to look at the picture as a whole, put the financials in, then formulate "what if" questions, and ensure you have answers.
~AR
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Our by-laws (34-unit condo) only allow us the Right of First Refusal in considering whether or not a sale should happen. Regardless of how they got the money, or for how long they've had it, if they have the money and the price is right (market value), the prospective buyer gets in.
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