Home Buying in Richmond>Question Details

Yan, Home Buyer in Orinda, CA

HOA in Marina Bay, Richmond

Asked by Yan, Orinda, CA Wed Jul 18, 2012

I'm interested in buying a condo in Marina Lake Drive. Does anyone know how the HOA has changed over the last 10 years? There have been many foreclosed properties in the area, how has that affected the HOA? How about any maintenance or upgrade fees outside the HOA? Thanks.

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Dear Yan,
Purchasing a condo means "marrying" the HOA. Your questions are good ones, and there are many others to ask, such as "Has the HOA completed a Reserve Study, and if so to what extent is it funded?" and "What is the HOA's history of charging owners Special Assessments?" and "What percentage of owners are delinquent in paying their dues?" Unfortunately, these and all your questions about the HOA's financial and legal health can only be answered AFTER a buyer gets a unit into contract and we can obtain the pkg of HOA docs including the CC&R's, budget, financial statement, etc. In addition, your lender will have many questions about the HOA, such as the % of owner-occupants. I always recommend my clients have the HOA docs reviewed by an impartial, qualified 3rd party such as a real estate attorney. If the answers you, your Realtor, your attorney, & your lender get are unsatisfactory you will have an opportunity to cancel your purchase contract for a full refund of your deposit. If on the other hand, the answers are completely satisfactory, you can feel good about having properly done your HOA due diligence & go ahead to say, "I do!"
0 votes Thank Flag Link Sun Sep 16, 2012
Thanks for the reply. This is helpful.
Flag Sun Sep 16, 2012
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