Home Buying in Boca Raton>Question Details

Vr, Home Buyer in New York

What does "buyer approval" and "interview required" in a condo listing.?

Asked by Vr, New York Wed Mar 20, 2013

What does it mean in a listing when it says "buyer approval" and "interview required" for a condo? Is this like the lengthy application process for a New York co-op? Must an application be submitted with copies of financial records?

In the MLS details for both Martinique II and Seawinds North Condominium on Singer Island, for instance, the listings say "buyer approval" and "interview required." It says the same for 1616 Sea Cove Condo in Vero Beach.

I am interested in buying a beachfront condo in the $500K to $700K range. I would be buying all cash. After closing, I will have at least two times the purchase price in liquid assets. I am a natural-born US citizens with sterling credit and no arrest record plus excellent references. I would not rent out the unit as it will be my home.

So what's this approval/interview all about?

Thanks in advance for any info.

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Answers

7
Hi V.

In response to your question about this process being like NY co-ops....NO, it's nothing like them, not nearly as daunting, even in the higher end country clubs down here, they are much more grounded and reasonable than NYC boards. Most HOAs will quote you 30 days that they have to approve you. I've never seen anything take more than 5-6 days, especially if you have the current owner give them a shout to move things along (unless that owner is 'on the outs' with the board, of course).

"Interview Required" sometimes means a telephone call with a member or senior member of the board. Again, nothing to worry about, it's business as usual, and you as a buyer will be happy when they do this to other prospective buyers and tenants. There's nothing like keeping your community safe from criminals and other undesirables.

Bottom line, don't sweat it, they're completely innocuous.

GOOD LUCK and give me a holler if you need any more info about the buying process down here.

Scott Miller
Realty Associates
Boca Raton, FL
0 votes Thank Flag Link Thu Mar 21, 2013
"There's nothing like keeping your community safe from criminals and other undesirables."

So who are these "other undesirables" that aren't criminals?
Flag Fri Oct 3, 2014
Hi Vr,
Basically there is a list of 10 items they can deny you on without reason to explain denial. But the biggest concern is criminal background check, sexual predator, and credit worthiness as they want to be certain to collect their dues. Even if you had some negative crddit items but the availability to do a cash purchase they really do not have legal grounds to deny you. You do not have to disclose financial records. Only to the list agent and oner to verify you can complete transaction. Boards have been criticized on terms of denial in the past for personal reasons not legal and have been legally challenged and decisions overturned. Remember the Fair housing law as well you can be prejudice based on race, religion, color, creed, sexual orientation, familial status. There are pet rules and restrictions that have to be followed, age restrictions if in the condo docs, and he interview states that you agree to the rules and regulations that have been presented to you. The whole Palm Beach coast beachfront from Boca Raton to North Palm has some great choices of luxury buildings to choose from based on your needs. Feel free to contact me to better assist you.


Best Regards,
Russ Greenberg, Realto, ePro, RELO "Experience Counts"
561-445-8782 Let me Fight for You!

Florida's Real Estate Leader since 1926, 30 offices serving South FL
Keyes Real Estate, Mortgage, Title, & Insurance
Boca Blue Lake Office
1200 Yamato Rd Suite B-1
Boca Raton, FL 33431
FlaHomeMover@aol.com
0 votes Thank Flag Link Thu Mar 21, 2013
Besides being a Realtor , I am the President Of my Condo Board of Directors, so I conduct these interviews . Contrary to other answers , it's not " another way to make money ". We had a tough few years in our development because people were walking away from properties or doing short sales or foreclosures and had stopped paying their maintenance fees and roof assessment. The board needs those funds just to keep the place in running order . So we have an Approval process and an interview .
We are an " over55" community and it would shock you to see how many people try to fake being old enough , or insist that someone 55 would live with them. One even used the address for a mother that never showed up.
So we do a bank check, background check ,etc. This costs us money to do and that is why there is a fee. The interview is so that we can actually see the person that is " over 55" and to let them know that he/she is required to actually live here for at least 6 months out of the year, not necessarily all at one time . And we go over rules, etc , so that when they move in , they are not angry when someone tells them that they are doing something they shouldn't be doing according to our rules and regulations . And sometimes those rules may sound rdiculous , but there is a good and logical reason for every one them . They make for a happy and harmonious community.
0 votes Thank Flag Link Thu Mar 21, 2013
Dear Vr,

The application and approval process is customary in south Florida for any condominium, town home or single family residence and more often than not nothing more than an orientation designed so you understand the rules and regulations of the community. By law property managers can take up to 30 days to process the application but it usually is much, much quicker. From a phone call and paperwork submittal and payment of fee which is usually in the $150+/- range to formal interviews with board members each association is different. We have those who require DNA testing of any pets so they can test anything left laying around in common areas.

As with the overall market the best condominium units and buildings are in strong demand but still plenty of inventory. In this market many units that have been listed awhile are probably richly priced so make sure you do complete homework when making offers. Singer Island is awesome but you might also consider the Juno Beach and Highland Beach areas for oceanfront living on the sand. There are opportunities in your price range in all areas.

Whether you are looking solely on Singer Island or just your perfect home in the Florida sun you are best suited to be working with a Realtor® who is looking out for your best interests in this constantly changing market. A very clear description of your specific requirements is the best place to start and if I can be of service to you and your family I would appreciate the opportunity to be one of the buyers agents you may choose to interview. We cover all of Palm Beach and Martin Counties and are experts in finding our clients that "needle" in the haystack.

Best of luck and if I can offer anything additional please let me know.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Thu Mar 21, 2013
Hi Vr,

Basically it's a way for the association to collect a little more money for their coffers.

It may also introduce you to a few of the board members during the interview. They will tell you the "proper way" to put out your garbage, don't make noise after 11pm, don't park in somebody elses parking spot, and other "useful" rules about living in a condo.

At the end of the interview they will give you a signed letter by the board of directors that you will take with you to the closing. The signed letter gets recorded with your deed to the condo.

Most people already know how to behave in the place in which they live. Some people need a reminder, and this is it. It also gives you the "comfort" of knowing your neighbors went through the same process.

If I can be of further service please contact me directly.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
0 votes Thank Flag Link Wed Mar 20, 2013
There is a process for approval for both purchase and when renting out a unit in most developments when renting is allowed . I would be happy to review with you.
Lance jason
Keller williams
Boca raton
561 290 9866
0 votes Thank Flag Link Wed Mar 20, 2013
You got it. The home owner associations for these communities require applications (often lengthy), application fee and an interview with at least one board member. They basically want to know for certain all the information you just mentioned about yourself. They do want to see your financials, even if you are purchasing this condo for cash, they want to make sure you will be able to continue paying the HOA fee and have the excess funds to do so.
Marni Zuckerman, Realtor
Signature International Real Estate
561-613-9335
ListWithMarni@gmaiil.com
0 votes Thank Flag Link Wed Mar 20, 2013
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