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Bohemian, Home Buyer in Santa Rosa, CA

difernce in condo , pud , hoa? is lincoln manor condo or townhouse? FHA aproved? thanks

Asked by Bohemian, Santa Rosa, CA Fri May 7, 2010

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In a condo, you just own the interior of the home. With a PUD, you own the land under the unit and the exterior. In many PUD's the owner is responsible for maintaining the roof and exterior paint, while with condos it is usual that the association is responsible for those items. This can vary, and it is important to check the CCR's and other rules of the complex to determine what the fees cover. HOA stands for Home Owners Association. They collect the dues and make arrangements for repairs within their sphere of responsibility. They are also responsible to enforce the rules of the association, and among other things, to provide information to owners and occupants about those rules and to authorize changes to the exteriors that would impact visually on the complex. Lincoln Manor is a PUD. I believe it is FHA approved. In some complexes, Even in FHA approved complexes, FHA may refuse to finance if the ratio of homeowners to renters is below their required ratio or if the assocation's financial situation is below their standards. I'd be glad to help if you need help. Arlee Geary Broker/Associate. Century 21 Alliance 707-479-2499.
0 votes Thank Flag Link Sat May 8, 2010
If you're asking about 716 Agnew, a new listing for $121K the listing information describes it as a condo with $140 a month HOA's. The associations phone number is 707-528-1459 for more answers. This is a bank owned property and if you'd like, give me your e-mail address and I'll send you the MLS listing info. Better yet, give me a call at 707-237-1086. I'll get you qualified for free and if that works, we'll take a look at it and if you decide you like it, we'll put an offer on it. Waiting to hear from you. Thank you
1 vote Thank Flag Link Fri May 7, 2010
The difference between a condomimum and a PUD ( Planned Unit Development) is that with a PUD the owner owns the ground the dwelling stand on and with a Condo that own the land in common with all the other owners in the development.
It is very important to understand the current status of the HOA (Home Owners Association) as it collects dues from all the property owners that are then used to pay for maintenance and repairs to the development. Any uncollected due may cause delays in repairs and maintenance to the development. It also may impact the ability of any borrower to place financing on one of the units in the development due to past dues being owed.
0 votes Thank Flag Link Fri May 7, 2010
A pud or planned unit development, can be either a community of townhouses and or detatched homes, you own the land that your property sits on--whereas in a condo ownership you only own a share of the land and the land is commonly maintained--hoa--home owners association--they handle the collection of monthly fees to pay for common area maintanence, basically manage the complex, enforces rules and regulations, etc. Your loan officer and or agent can suggest complexes that are FHA approved.
0 votes Thank Flag Link Fri May 7, 2010
A Planned Unit Development (PUD), is both a type of building development as well as a regulatory process. A PUD is a designed grouping of varied and compatible land uses, such as housing, recreation, commercial centers, and industrial parks, all within one contained development or subdivision.

A condominium is usually in one building, most are not FHA approved. Each unit/condo/PUD has different HOA fees.

Good luck.

Kamal Randhawa
Broker
510-932-1066
0 votes Thank Flag Link Fri May 7, 2010
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