What are condo reserves?

Let's say you put your condo on the market and you find a really well qualified buyer.

The buyer's lender is going to ask your HOA manager how much money is in the HOA reserve account.

If that reserve amount is low, guess what, the lender will not give your buyer a loan to buy your unit.

That's why it's so important to attend your board meetings and make sure that your monthly HOA dues are being spent carefully.