Home Buying in Palatine>Question Details

Tracy, Home Buyer in 60067

Are HOA fees negotiable? Thanks!

Asked by Tracy, 60067 Fri Mar 7, 2014

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11
Not usually! The homeowners are each required to pay their portion of the total expenses needed to run the subdivision.

Sharon Harding
Re/Max Destiny
1080 Nerge
Elk Grove Village, Illinois 60007

shschaumburg@aol.com
1 vote Thank Flag Link Mon Mar 24, 2014
In my area where I live (Frisco, McKinney, Plano, Allen, TX) the HOA fees are locked and not negotiable.
1 vote Thank Flag Link Thu Mar 13, 2014
I have seen some that are voluntary, some include an occasional Master association fee payment, some include an occasional pool use fee, some payments go up for a few months and then back down, some are planned to go up next year, some may go down next year, some may have a big lawsuit to pay off and others seem really low and are well run by actual owners who care about their money.
In a foreclosure in Illinois, your attorney may want to change the law around that the buyer will not have to pay 6 months and the collection costs. Sometimes negation is successful, more so with owner occupants. Best to plan to pay the unknown amount if you are a foreclosure buyer getting a great buy.
1 vote Thank Flag Link Thu Mar 13, 2014
Hi Tracy,

The HOA fees are usually non-negotiable as these are charged by the Homeowners Association to manage the property. Prior to purchasing any property that involves monthly HOA fees, I always recommend checking the Homeowners Association budget to ensure there is enough surplus and there is no upcoming special assessments. In addition, most importantly as per Section 22.1of the Illinois Condo Property Act, a Condominium Seller must furnish to the prospective buyer a Disclosure Form indicating if the HOA fees are current or there are any outstanding or unpaid dues from the seller and if there are any special assessments under consideration. Feel free to e-mail me at arlorealty@gmail.com should you have any further questions or would like to discuss this.
1 vote Thank Flag Link Wed Mar 12, 2014
Hi! I'm reading your question two different ways. Are you asking if HOA dues can be negotiated in a contract to purchase? For instance, can you ask the seller to pay 6 months in advance? In that case, yes, I've seen that happen in transactions.

OR

Are you asking if you can negotiate the amount due for the HOA dues listed? If so, HOA dues are expenses prorated per unit who is a member of the associations. Some cover landscaping, snow removal, etc. I have seen HOA dues decrease or increase for certain associations if they vote/approve to use a different landscaping company or snow removal company and were able to obtain lower bids.

Hope this helps!
1 vote Thank Flag Link Wed Mar 12, 2014
In some subdivisions all the units pay the same association fee, In other subdivisions the larger units pay a higher association fee than the smaller units to cover things like snow removal, common area maintenance, scavenger service, exterior maintenance, insurance, pool, clubhouse, tennis courts, roof repairs, driveway repairs, etc.
Usually the older the subdivision is in age, the higher the fees are in order to cover major repairs and replacements like older roofs, siding, gutters, downspouts, wood rot, etc. Hope this helps!

Sharon Harding
Schaumburg, Illinois 60173
shschaumburg@aol.com
sharonharding@remax.net
Flag Mon Mar 24, 2014
Thank you for your response, Alison! I was asking the latter, however it's interesting to know the other info you provided! Another question, if you don't mind me asking...is the HOA fee relative to the purchasing price i.e.do more expensive condos in a building or town home community have higher HOA fees than less expensive units? Thanks so much!
Flag Thu Mar 13, 2014
Having a resource to help with HOA information and documents makes life easier for real estate agents. Recently, when selling a home in Ohio, Association Online provided me with all the HOA details for the listing, and then provided all the documents - by-laws, financial statements, covenants, etc. They made sure the package was complete, making my work easier. Their web site is well organized and very easy to use - http://www.associationonline.com . Call their team of experts – they are great to work with (970-226-1324).
1 vote Thank Flag Link Wed Mar 12, 2014
Consult a realtor prior to purchasing a property. In addition to the question you just asked, there are a bunch of other questions you should be asking before purchasing a condo. A knowledgable realtor will be able to properly advise you.

Check you the Baird & Warner office in Arlington Heights they have a lot of great realtors there that can help you.
1 vote Thank Flag Link Sun Mar 9, 2014
No, they are not.

When you want to buy a home the best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
214-734-3863
Alysse@HelpUBuyAmerica.com
http://www.helpubuyamerica.com
1 vote Thank Flag Link Sat Mar 8, 2014
Hi Tracy,
These dues are not negotiable once you own a property. If you are talking about the HOA fees pursuant to the condo act when purchasing a foreclosed property then these back dues are up for negotiation and discussion. Feel free to give me a call me on my cell at 847-977-7024 if you have any specific questions.
Thanks
Greg/REMAX
Web Reference: http://www.gregworks4u.com
1 vote Thank Flag Link Sat Mar 8, 2014
Hello Tracy

HOA stands for Homeowner's Association. HOA has budget and expenses based on which they distribute the cost between the residents of the property. There is no negotiating on the HOA fees. Feel free to contact me with any questions you have.

Syuzanna Zakharchuk
Carrington Real Estate Services
157 N Evergreen Ave
Arlington Heights IL 60004
847-875-1155
suz.zakh@gmail.com
1 vote Thank Flag Link Sat Mar 8, 2014
HOA's are not negotiable.
0 votes Thank Flag Link Tue Mar 25, 2014
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