Home Buying in Melbourne>Question Details

R Gene Thies, Real Estate Pro in Cape Coral, FL

Why do we always have to ask what the taxes and hoa fees are? If FREC required full disclosure it would save everybody a lot of time.

Asked by R Gene Thies, Cape Coral, FL Sat Jan 9, 2010

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P’s answer
Robert, I am going to apologize about a certain answer that says the MLS does not have them on there. NOT TRUE. There is a place on the MLS for both taxes and HOA fees. Insurance there is not because it can change as we all know. On trulia they do not require it to be published.
So if they are not there in the Public Brevard County MLS site, then the agent did not put them in. Some agents do many htings to get people to ask them by contacting them directly to build business. Please do not mind this tactic, because we all would like to have many more buyers, allowing us to make a descent living.
But these must be disclosed to a potential buyer by FREC when a contract is written.
It is your choice whom you would like to work with of course.

Pete Dolci ERA Showcase 321.480.2544
0 votes Thank Flag Link Sun Mar 21, 2010
As for the current HOA or COA fees, you need to verify them, with the assocationor property manager of the complex as to what the current dues/fees are. Our local MLS does have the information on what the fees/dues are, but are only as accurate as the person entering in the informationm or the person who provided them the information. Sometimes they increase between the time it is placed in MLS and is sold..

Buyers should not rely on the seller's current property taxes as the amount of property taxes that the buyer may be obligated to pay because the taxes stated are from the year prior to the purchase. A change of ownership or property improvements triggers reassessments of the property that could result in higher property taxes. Information for Brevard County and their millage rates are available on the property appraiser's web site.
0 votes Thank Flag Link Sun Mar 21, 2010
If they told you how much the taxes and fees would really cost to many buyers would faint and not call about the property. Add in the wind insurance and some might even go into a coma.

I think all buyers realize that last years taxes will be a bit less than this years taxes. But if we know what it was last year we can ballpark it to be fairly close to a real number. If hoa fees change a lot, that is just a better reason to stay away from hoa's at any cost.

If all you find missing are hoa fees and taxes you are lucky. I almost never find the year built, lot size, and most other details I want. It appears that many who post real estate info do not want to put any details in them as it takes time and could discourage a buyer if they saw the details they leave out.
0 votes Thank Flag Link Sat Jan 9, 2010
Buyers should not rely on the seller's current property taxes as the amount of property taxes that the buyer may be obligated to pay in the year subsequent purchase. A change of ownership or property improvements triggers reassessments of the property that could result in higher property taxes. Information for Brevard County and their millage rates are available on the property appraiser's web site.

As for the current HOA or COA fees, I would recommend verifying with the assocation board of what the current dues/fees are. Our local MLS does have the information on what the fees/dues are, but are only as accurate as the person entering in the information.
Web Reference: http://www.EricLarkin.com
0 votes Thank Flag Link Sat Jan 9, 2010
Good Morning Robert,

Taxes and Home Owner's Association fees are almost always disclosed on the Multiple Listing Service. Buyers looking for property can search different sites for properties but should contact a Realtor to get all relevant information. One's Realtor always has access to all pertinent information or can find out more from the listing agent or property owner. Another reason why using a Realtor is a definite advantage.

Happy New Year!

Genevieve Ramachandran
Punta Gorda Realty
0 votes Thank Flag Link Sat Jan 9, 2010
One of the reasons why it is important for you is so that you can provide this information to prospective buyers. Taxes and HOA fees are included in what is known in lending land as PITI, (maybe that should be changed to PITHI) to calculate the front end ratio when qualifying for a mortgage. I am sure the last thing you would want to have happen is to have someone go into contract, possibly even get a commitment, only to find at the end that they are denied by the lender because their ratio is too high.
Not sure what FREC is, but I am assuming it is some sort of Florida Real Estate something. I used to do loans in Florida, but have not for the past 2+ years, so I am not sure how they deal with the fact that properties are reassessed based on purchase price, if that is still the case.
0 votes Thank Flag Link Sat Jan 9, 2010
Websites like Trulia are advertisements just like real estate magazines. They provide enough info to perk your interest, so you will contact the listing agent for more details. Trulia and similar sites are good places to start your home search, but once you are serious about buying, you need to select a local realtor to help find the home that is right for you.

Sue & Bill Roseberry
Century 21 Camelot Realty Inc.
(321) 591-6017
Sue@brevardbeaches.com
0 votes Thank Flag Link Sat Jan 9, 2010
Marc, That is part of full discosure. It just happens to be another pile of paperwork that has to be disclosed to buyers. It is also regulated by another entity of the State that changes all the time. The HOA boards are constatntly changing bu lwas, and so forth because of the economy now and for the proper handling of funds, and there communities. Yses it is frustrating and these documents acn be 100's of pages long that make it even more rediculous. But we have to live with it . I find most rediculous when they give you a website or say just go to state records and print them out or they want to charge you and I $50 just to make a copy.
As your broker to get all the HOA 's to send a copy of each of there rules and reg's and keep opies in the office so everyone can make copies for buyers. But someone in charge should make sure they get copies of the changes and minutes for each year to bring them up to date. Yes it is a lot o work at times, but it will save time and money in the long run. Good luck to all that read this.
0 votes Thank Flag Link Sat Jan 9, 2010
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