Can someone explain the high HOA dues in "The Islands" community in Foster City? We are looking at listing: 661 PORTOFINO Ln Foster City

Asked by Home Buyer, Foster City, CA Sun Jan 15, 2012

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John Juarez, Agent, Fremont, CA
Sun Jan 15, 2012
This is a Fannie Mae owned property. The seller has ordained that offers be made on line. Your agent will be able to find out what the monthly fee of $676 is paying for. You should also be aware that there is the possibility of a very large assessment attaching to this property. Information can also be obtained through the listing agent but you should remember that the listing agent is already working for the seller and the listing agent’s job is to get the highest price possible.
1 vote
John Juarez, Agent, Fremont, CA
Mon Jan 16, 2012
I doubt if this has anything to do with property tax.

Homeowners’ associations have the ability to levy assessments on the home owners for extraordinary expenses. Major unbudgeted, unplanned repairs could be a cause. I don’t know the details in this situation. Your agent can obtain the information from the listing agent for the property.

If you buy, your property tax will be based on the purchase price which would normally be the new assessed value. You would normally not agree to assume back property taxes that the seller did not pay.
0 votes
Home Buyer, Home Buyer, Foster City, CA
Mon Jan 16, 2012
Hi John,
Thanks for responding. We are not sure what is meant by large assessment attached to the property.

Does this mean that we need to pay higher property tax based on county's assessment price or do we pay property tax based on the actual sale price?

Or do you mean that there are old property tax due (back taxes) that the buyer will have to pony up?

Thanks.
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