Home Buying in Scottsdale>Question Details

junkmail4eve…, Home Buyer in Dallas, TX

how do I find out how many condos are owner occupied versus rentals in an area?

Asked by junkmail4ever55, Dallas, TX Sun Jan 26, 2014

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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).
0 votes Thank Flag Link Mon Feb 3, 2014
Many associations will not give this info out without a paid condo certification from a lender. Those condo certs can run from $50 to $250 dollars. Any condo with more than 50% is considered non-warrantable and lenders will not touch them. There feeling is that tenants and landlords do not take care of a property as well as owners will and the risk of property values falling is higher. Usually this info is obtained during the appraisal process. If buying a condo, I would extend your inspection period and do your appraisal first. If the condo cert comes back good then continue with your purchase.

If you need help purchasing a condo in Arizona I would love to help.

Howard Rudin
WEST USA REALTY
602-390-8088
TOP 1% in SALES Arizona Regional Multiple Listing Service
Top 1% in Sales West USA Realty
0 votes Thank Flag Link Sun Feb 2, 2014
Thank you all for your responses.
0 votes Thank Flag Link Fri Jan 31, 2014
Sorry to say, but alot of HOA associations and property managements do not keep a tab on this.
If there are properties that do FHA loans, you can find that information in the Federal Housing website and it will give you some information on that. FHA loans are only done in communities that have more owner occupied than rentals. If it is a small condo community, the HOA association has more of a handle on this information.
Please let me know if I can offer any assistance in your search.
0 votes Thank Flag Link Tue Jan 28, 2014
Landlords are required to update Maricopa County when their home is a rental home--but not all owners do. And most homeowner's associations will have a requirement that the HOA board be notified if the home is occupied by someone other than the owner. You could the tax assessor's website and the HOA management company as a gauge of how many rental homes are in a certain area.
0 votes Thank Flag Link Mon Jan 27, 2014
Good Morning,

If you are planning on purchasing your Lender would be able to obtain that information as they most likely do not want to lend in a community that is more than 50% Tenant Occupied. If you need a Lender please call Karen Jones 480.339.1577 AmeriFirst Financial, she will be able to help you. Please let her know that I sent you!

Have a GREAT day!

Vivien L Biggs PLC
602-615-9137
Prudential Arizona Properties
0 votes Thank Flag Link Mon Jan 27, 2014
You can call the HOA management company to obtain that information. If you need assistance in obtaining the management phone number for a particular association, let me know. I'd be happy to obtain it for you.
0 votes Thank Flag Link Sun Jan 26, 2014
One thing I wanted to mention...some of the property management companies are not tracking the owner occupancy correctly. My HOA just states the onsite vs offsite addresses and it shows at about 50 (probably 65% is the more realistic #). I know of one recent loan that required those involved to speak to the VP at the mgmt co to get it correct, and I'm hoping the tracking gets done correctly in the future. You may get an inaccurate number, so ask how they came up with the number...they need to report 2nd homes so there are no problems. If possible you could try to ask a board member to help you as well. Board members are listed on the AZCC website (if you're buying here). This is a big issue for condos, and being able to get financing in a complex...hoping this changes so they are all accurate. Good luck! If you are buying, and getting a loan, your agent can contact the recent financed sales and possibly be able to speak to those lenders to see if there are any issues with financing.
0 votes Thank Flag Link Sun Jan 26, 2014
For up to date and accurate information, you should call the HOA of that subdivision to find out the percentage or number of owner occupied vs tenant occupancy.

Let me know if I can help.

Good luck!
0 votes Thank Flag Link Sun Jan 26, 2014
There is a faster way to find out owner-occupied vs tenant occupied, but it may not be as accurate as contacting the property manager - depends for what purpose you need the info.
Web Reference: http://www.talktosteffy.com
0 votes Thank Flag Link Sun Jan 26, 2014
If you contact me with the address of the property I can look up the condo association or property manager contact information.

Joe Domino
HomeSmart
602-503-4194
0 votes Thank Flag Link Sun Jan 26, 2014
You can call the property manager for the community for that info.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Sun Jan 26, 2014
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