Home Selling in Meadow Woods>Question Details

Nelson Ferna…, Home Buyer in USA, Mobile, AL

how I find out if a HOA association is current well funded?

Asked by Nelson Fernandez, USA, Mobile, AL Thu Feb 17, 2011

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Lynn911.com Dallas Realtor’s answer
Your buyers agent can obtain these documents for you

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Feb 20, 2011
Nelson,

Unless you are willing to pay for the info by going to Sunbiz.org, it's somewhat difficult to get the financials if you have to go through an HOA/Property Management company or the HOA Board of Directors if you are not the owner of the property. Contact the listing agent for the particular property that you have an interest in or if you have a buyers agent, ask them get this info for you.

Florida Statutes, Section 720.401 requires the disclosure of HOA "assessments" to prospective buyers,
so any residential property that is advertised for sale that is governed by an HOA (or Condo Association), the assessment(s) must be disclosed to the purchaser. However, this disclosure does not require that you are automatically provided copies of the following: (1) community covenants & restrictions, (2) most recent year end and latest monthly financial reports, (3) the proposed budget for the current year, and (4) HOA/Condo Articles of Incorporation. These items must be specifically requested either before making your offer or they should be requested as a contingency in the contract at the time you are making your offer in writing if you do not wish to search the public records on your own.

You are headed on the right track by wanting to know the financial condition (of the HOA ) as this has unfortunately become an important factor in making a decision to purchase a home in a community governed by a HOA or Condo association as the "healthy" v.s. a "not so healthy" financial condition is a possible indicator of whether or not the association dues will increase dramatically in the future.

Thank you for posting your important question on the Trulia Q & A forum.

Suzanne Ogden, Realtor
Charels Rutenberg Realty
(407) 234-1098
sogden2@cfl.rr.com
Web Reference: http://www.suzanneogden.com
0 votes Thank Flag Link Sun Feb 20, 2011
Nelson,

You did get some good information, however sometimes the HOAs are a little particular when it comes to releasing financial documents. You definetly should get yourself a good agent so they can look into any and all HOA's for you. There are some pretty specific and important questions that need to be asked so you get the right information.

Best of luck with you searh, if you need a hand with the HOA feel free to contact me.

Jeramie Vaine
jvaine1@gmail.com
978.870.9429
Web Reference: http://www.jeramievaine.com
0 votes Thank Flag Link Thu Feb 17, 2011
All of the above are great answers, I always find it helpful to drive through the neighborhood that you are considering and talk to the neighbors. They can tell you what the HOA fees really are rather than what is on the listing sheet, and they can also tell you exactly what they cover. A sign of the association doing well is that association fees have gone down instead of up lately, that means that the assocation is no longer in a deficit position.
0 votes Thank Flag Link Thu Feb 17, 2011
Call them up and ask for the HOA financial statments...
0 votes Thank Flag Link Thu Feb 17, 2011
Hi. Mr Fernandez,

Call and ask and request proof. Are you interested in the Meadow Woods HOA ? There are several. I usually look up HOA's on http://www.SunBiz.org. If you are working with a Realtor as a buyer, have them do their homework in your behalf or have them ask the listing agent to provide documenation and answers to your questions. You didn't specify which exact community you are asking about, but the following info MAY be helpful for your endeavor.

Heron Bay At Meadow Woods Hoa
1702 White Heron Bay Cir
Orlando FL 32824
407-854-5115

Also try Meadow Woods Management, 13363 SUMMERTON DR ORLANDO FL 32824. I am not sure if this is the HOA company you need, but either provided should be able to point you in the right direction if you give then an exact address and ask them about your concerns.

If I can help you in any way, please contact me directly. GOOD LUCK!

Thank you kindly,

Kim Setzer, REALTOR
CENTURY 21 Elite Home Finders
407-406-0351
Kimsellsproperty@yahoo.com
0 votes Thank Flag Link Thu Feb 17, 2011
Request a copy of the 12/31/10 audited financial statement and check the replacement reserve balance and compare it to their reserve projections. Also check any debt being carried and pending law suits.
0 votes Thank Flag Link Thu Feb 17, 2011
hook up with a realtor and he she will help you find the HOA Management company to get answers. I am here to help you if you need it

alan@frontlinefloridarealty.com
0 votes Thank Flag Link Thu Feb 17, 2011
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