Home Buying in 92563>Question Details

newhomeowner…, Home Buyer in 92563

Can you buy in over 55 community?

Asked by newhomeowner84, 92563 Sun May 27, 2012

We just purchased a single family home and found out it is part of a 55 community. There was never any mention of this during the process of purchasing the home and we do not pay any HOA fees. Can this become an issue later for us? We are much much younger, late 20s.

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25
This can be an issue for you. You may want to discuss this with a real estate attorney for guidnace and assistance. If you used an attorney to close your deal contact that attorney first for help. You can also contact the home owners associaton to get more answers and identify possible concerns.
1 vote Thank Flag Link Sat Jun 2, 2012
I'm glad to hear that everything worked out, and congratulations on your purchase! It is a great time to buy - Hope you have many happy years in your home!

Kevin McLaughlin, Broker Owner
Berkshire West Realty
info@BWestRealty.com
0 votes Thank Flag Link Tue Jul 3, 2012
Thanks Gary, but we already resolved the issue. The first part of our development was built in 2001 and is not part of the 55+ community built later in 2002. Thanks though :)
0 votes Thank Flag Link Sat Jun 2, 2012
Glad to hear everything has worked out for you without the need for legal wrangling. Enjoy your new home!
0 votes Thank Flag Link Fri Jun 1, 2012
I agree, its always good to hear from youths when they succeed with some of valuable advise given from Trulia's agents, as well as brokers . i am here to inform any one that's on the roads to home ownership, No!! do not buy properties in 55+ due to the fact of the wide spread of foreclosure crisis , my best advise is to talk with your real estate attorney for better answers!!!
0 votes Thank Flag Link Wed May 30, 2012
Glad things worked out. And I'm with John. Thank you for updating us. So many times I hear bad situations and we give advice and never hear back the outcome. The situation always swirls around in the back of my head so It's always nice to get an update. It's kind of like "closure"!
0 votes Thank Flag Link Wed May 30, 2012
Congratulations on your new home! Wishing you many years of enjoyment!
0 votes Thank Flag Link Wed May 30, 2012
Oh no problem, I really didn't think this many people would respond and was very appreciative of everyone taking the time to help. I'm glad this is something that we don't have to worry about, you are right is definitely not the right way to start off in a new community! Thanks again :)
0 votes Thank Flag Link Mon May 28, 2012
Glad you got everything sorted out. Not a fun way to start a relationship with a new home in a new community. Hope you enjoy it. We all really appreciate your diligent follow through in communicating with us.

So many folks post questions on Trulia and garner dozens, sometimes hundreds of responses and we never get any acknowledgement for our effort. Not brooding in my beer. Comes with the territory. Just stating facts. Have a good day.
0 votes Thank Flag Link Mon May 28, 2012
Sorry I didn't get back to you all sooner! So found out that the first part of this development was built in 2001 and is not part of the 55+ (this home is in the first part) community then the second part was built in 2002 and is strictly a 55+ community. So it looks like we are good....phew!

Oh and it is not a coop, thanks for defining that I was unsure what coop was. This is a single family home standard sale. A coop doesn't sound like a wise choice, I agree :)
0 votes Thank Flag Link Mon May 28, 2012
I perused the previous answers and some good answers have already been made. What's the address of the property you purchased. That would give us a little more info as to what type of home you are now in!.
0 votes Thank Flag Link Mon May 28, 2012
If you did buy into an over-55 community without knowledge (which we are finding hard to believe) than you have been mislead by lack of proper disclosure as to the nature of the property. You need to gather all of your paperwork and visit a real estate attorney.
0 votes Thank Flag Link Mon May 28, 2012
newhomeowner84, did not say that it was or wasn't at coop. They actually asked what coop is. Plain and simply put this is Wikipidea's definition of a coop. I you bought into on you \would no doubt have known.

"A housing cooperative is a legal entity—usually a corporation—that owns real estate, consisting of one or more residential buildings; it is one type of housing tenure. Housing Cooperatives are a distinctive form of home ownership that has many characteristics that make it superior to other residential arrangements such as single family ownership, condominiums and renting"

Frankly, in my experience with the Manufactured Housing industry it's about the worse kind of home ownership you could get yourself into. In many cases you're better off just renting what with all the rules and regulations.

But the biggest turn off is that you only own a share because you''re issued stock in a corporation instead of a deed to real property. It's usually non negotiable to anyone but the person who wants to purchase you share and it's generally only worth what you paid for it. But worst of all you can't borrow on it. Just my opinion.
0 votes Thank Flag Link Mon May 28, 2012
Even more challenging:

In a co-op (cooperatove), owners in the development typically have to approve the buyers. Didn't you go through that process? How on earth was the purchase completed without the express approval of the co-op members/owners?

What exactly did you do during your buyer investigation period outside of getting inspections. Did you search permit history? Did you check the property profile, the neighborhood? A co-op would have stringent rules, bank-owned or not.
0 votes Thank Flag Link Mon May 28, 2012
. Did you buy real estate? Or did you buy into a coop?
0 votes Thank Flag Link Sun May 27, 2012
we bought a single family home.
0 votes Thank Flag Link Sun May 27, 2012
Sorry, my bad renters for too long! We are the only ones on the mortgage and I searched our neighborhood on whitepages.com and several are listed between the ages of 40-49. What is a coop? Many have 2 names listed spouse and themselves and both same age range.
0 votes Thank Flag Link Sun May 27, 2012
Now I'm really getting confused. You said Lease? You also said there are other folks in their 40's? I'm not getting it. Did you buy real estate? Or did you buy into a coop? Also, there may be one person over the age of 55 and their spots in their 40's. You need to figure a few things out.
0 votes Thank Flag Link Sun May 27, 2012
Further, upon researching our new neighborhood via whitepages neighborhood tool it looks like a couple might be around our age but there are several in their 40s.
0 votes Thank Flag Link Sun May 27, 2012
We did have a real estate agent and broker, the house was bank owned and advertised specifically as no HOA fees, which was a big selling point for us. We are the only ones on the lease and both of us are well under 55. There was not anything listed in any of the documents we signed, listing info (in fact the listing info mentioned the wonderful school district, not exactly a huge appeal for someone over 55 with most likely grown children) or preliminary reports. We already have ownership and have been working on it but now I'm a bit concerned this could be a problem? Can we actually be told we can't live in our house?
0 votes Thank Flag Link Sun May 27, 2012
You need to contact your agent/broker ASAP. Something smells afoul here. If this is true you definitely have some E and O recourse.
0 votes Thank Flag Link Sun May 27, 2012
Interesting....


In disclosures other documents, as well as preliminary report, and listing information --- there was no mention of over 55 community? Hard to believe.

Are you sure this is part of, or merely adjacent to 55+ community?

Did you buy this property with other people on title, and with at least one of them being 55? That may be the only way you could have qualified is to have ate least one of you as at least 55 or over.
0 votes Thank Flag Link Sun May 27, 2012
Please review the covenants.Otherwise, have the experts who can interpret the regs and rules guide and advice you.
Best of luck
Maria
0 votes Thank Flag Link Sun May 27, 2012
You can actually purchase a home in a 55+ community, but you usually can't live in them unless you are 55.

Karen Kuisel
Tarbell
951-757-0757
0 votes Thank Flag Link Sun May 27, 2012
Did you you have a real estate agent? Do you know how to read and write? Just curious...
FYI their is a real good chance their is an HOA...
0 votes Thank Flag Link Sun May 27, 2012
there is no HOA....that was a selling point of this house and yes we did have a real estate agent and there was zero mention of this being a 55+ community. there is potential that it could be adjacent to a 55+ community but it would be like potentially 10 houses that are not included out of over 500. Also, the title is solely in my fiance's name and no one else (he is 33).
Flag Sun May 27, 2012
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