Mcmeerschaert, Home Buyer in Holt, MI

Is the homeowner assessment fee stated a monthly cost?

Asked by Mcmeerschaert, Holt, MI Mon Aug 5, 2013

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This question was asked from this property: http://www.trulia.com/property/3122810143-13730-15th-Ave-NE-…

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Johan, Please reread my post; The yearly assessment I discussed was for Single Family Homes.
0 votes Thank Flag Link Mon Aug 5, 2013
You are correct. I was reading too fast. Thanks for pointing it out, Steven.
Flag Mon Aug 5, 2013
Hi there,

Just want to be more specific than the folks below. This condo has a monthly assessment fee (aka HOA dues) of $556, which covers Cable TV, Central Hot Water, Earthquake Ins., Garbage, Water and Sewer in this specific condominium. As it is indicated on the listing, there is no special assessment, the yearly assessment that Mr. Petersen talked about. However, this condo unit is a short sale. It means the price most likely is not approved by the seller's bank and also if there is any HOA lien on the unit, you may end up paying for it.

I specialize in condominium sale in north Seattle, and I have successfully presented several buyers in short sale transactions for several years. I know the rules for short sale, and I can assist you in successfully closing a short sale transaction and avoiding a difficult and mostly likely will-fall-apart transaction. Please visit my website below for more information or to contact me:
0 votes Thank Flag Link Mon Aug 5, 2013
You pretty much got your answer below, so no reason to repeat it. If you are moving here from Michigan (Which I did 35 years ago) you can hire yourself a buyers agent right away to help you sort things out. It does not cost you anything since we are always paid by the seller. You will also want to get pre approved for a loan so you know what you can spend per month.

I would suggest, that as a buyer, you Google every agent that responds to your question here on Trulia, learn as much as you can about who they are online, read their client testimonials, so you know what their clients are saying about them, and then give us each a call and just ask us why we think you should work with us instead of another agent. This will take you a little while to do, but will be time well spent, as choosing the right agent is the first step towards choosing the right home. Then, pick the best fit for you and let them go to work for you with the skill and knowledge that they have. I hope to hear from you soon.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
0 votes Thank Flag Link Mon Aug 5, 2013
Yes, the HOA amount stated is a monthly fee. Typically, the HOA dues cover water, sewer, garbage, and insurance. The HOA dues also pay the cost of management to operate the condo. Plus, there is a portion of the fee set aside in the Reserve Account to pay for major repairs like a new roof, pool maintenance, paving the parking lot, etc. I hope this information is helpful to you.
0 votes Thank Flag Link Mon Aug 5, 2013
Yes. In this case it is. This is a monthly assessment to cover common costs. Sometimes you will see a yearly cost but this is usually in a large project of single family homes.
This covers a list of items such as insurance for sports and common areas, a contribution to a savings fund for long term costs such as roofing. Older buildings often must anticipate upcoming major repairs, and a fund is set up to pay for these costs.
When you buy a condo, you are generally able to do a little research after the fact; The Homeowners association will prepare a package called a resale certificate. This is a time sensitive document that contains financial information for your review. It is usually purchased from the HOA by a Seller, and because of its' time sensitive data, is usually not offered until after the contract is in place. You may find this alarming, but do not fear..A properly written contract will have a protection added that allows you to view this information, and exit your contract without penalty based upon what you see.
Steven Petersen
Assoc. Managing Broker
Skyline Properties
0 votes Thank Flag Link Mon Aug 5, 2013
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