We were closing on a condo today but the monthly HOA fee at closing was much higher than on the listing, $265vs$191, is anyone liable for the listing

Asked by Hambergerz, Broomfield, CO Fri Mar 18, 2011

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Robert McGui…, Agent, Denver, CO
Tue Oct 9, 2012
Hambergetz,

The dates in the contract are very important. The date for agreeing to the information in the CIC documents, including the correct HOA fee. If you had known and objected before that date, you could have terminated the contract or decided if the new fee amount would fit into your budget. The MLS info is normally good, but as the disclosure reads, it is not always accurate and needs to be verified. Sorry for this unfortunate situation. Hope things work out better from here and you love your new home.

Robert McGuire ASR
Broker/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes
Brian Burke, Agent, Highlands Ranch, CO
Fri Mar 18, 2011
Some really great answers here, Like they say it is for you to figure out and there should be a CIC deadline when you receive all info and if you objected to the info provided you Could have gotten out of this contract.
Most info on the MLS is reliable but buyer MUST verify all information.
Brian
0 votes
Laura Stewart, Agent, Greenwood Village, CO
Fri Mar 18, 2011
I'm so sorry for your disappointing experience! There are SO many details in buying a house and it is frustrating that the MLS details are not as articulate as the appear. The reviewing of the title and hoa documents should have been the source of this information being found out-in the first two weeks of your purchase experience-NOT today. I hope you have a better experience next time around!
Web Reference:  http://www.HomeZero.com
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You realtors are so corrupt ... if there is a mistake of fact, there is no contract as there is no meeting of minds.
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Agents for H…, Agent, Boulder, CO
Fri Mar 18, 2011
You probably have no recourse based on the MLS, though I would rely on an attorney rather than a bunch of real estate agents to tell you that. Just because there are disclaimers on the MLS listing doesn't mean the Seller and lising agent have no responsibility to try to get that right. Only the judge knows for sure!

Check section 16.3 of the contract though: If properly filled in, that reads that the Seller represents to you that the HOA dues are a particular amount. If that wasn't filled in, you may have a cause of action against your agent for failure to represent you...at least if your agent was working with you under a "buyer agency" agreement. If it was filled in with the number $191, then there is a potential argument that the seller misrepresented a material fact about the property to you.

This is not a trivial matter. The cost is roughly $900 a year. Maybe more important, I've worked with a lot of buyers who wouldn't look at a property where the HOA fee is that high. So the fact that the fee is higher than advertised may impact the resellabillity...and even the resale value of the property. I think this may be worth at least an hour with a knowledgeable real estate attorney (not just any attorney). Assuming you've closed, however, you inherently risk piling us some costs with no guarantee of a positive outcome.
0 votes
Lillian Live…, Agent, Lakewood, CO
Fri Mar 18, 2011
I think has been answered very well below. If the $191 came from the MLS, it is "deemed reliable, ut not guaranteed". Unfortunately, not everything in the MLS is correct, and it behooves a buyer and their agent to do the homework, verifying the information. Always.
Did your lender not catch it either?
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Alan Strange, Agent, Westminster, CO
Fri Mar 18, 2011
Yikes, how unfortunate. For others reading this be sure to look over the documents in your due dilligence part of the process. For your case, there should be a work around to find a win-win situation. If that new fee doesn't fit your budget or isn't what you had planned and if you haven't already closed then you should be okay to go find something else. If you've closed then you may have to talk with an attorney to see what your rights are. Good luck.
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David Janis, Agent, Boulder, CO
Fri Mar 18, 2011
Hi,

Also, I believe there is a spot on the contract stating what the HOA fee is. If that is incorrect on the purchase contract you may be able to sue the seller.

you should ask yourself: Is it worth it? How much money do I have to gain? It would most likely go to mediation as a first step at a cost of $1000.

No, you will not be able to sue the agent because of the reasons listed below.
0 votes
Elissa Morra…, Agent, Healdsburg, CA
Fri Mar 18, 2011
In our state, all information entered into MLS is subject to being verified at time of sale. It is NOT the same as the contract. In fact, the contract supercedes any information that is in MLS. For example, if in MLS it says that the refrigerator is included in the purchase, but this is not noted in the contract, the contract is what is valid. When you wrote your purchase contract, the HOA fees should have been specified. If they were incorrect in the contract, then you may have some recourse. Best to consult your attorney.
0 votes
Nancy Doyle, Agent, Cape Coral, FL
Fri Mar 18, 2011
Hello Hambergerz,
In our mls every listing reads at the bottom, Information has not been verified, is not guaranteed, and is subject to change. The information is only as good as what the agent puts in the mls. You and your agent have to double check the information. Usually with a condo you would have an addendum that gives you a period of time to look into the condo docs, fees, special assessments and financial information including reserves. During that period of time it gives you the right to cancel.


Best of luck,
Nancy

Nancy Doyle
239-209-2237
nancy.doyle1@comcast.net
http://www.nancydrealtor.net
0 votes
Sally Grenier, Agent, Boulder, CO
Fri Mar 18, 2011
During the due diligence process you should have received information about the HOA, including dues. Did you not receive this information? MLS info isn't always correct and it's up to you and your Realtor to check out EVERYTHING -- i.e. school info, square footage, utility companies, etc. It's unfortunate, but you really have no recourse.
0 votes
Valerie Meye…, Agent, Montrose, CO
Fri Mar 18, 2011
Hambergerz,
While under contract there is opportunity to review the CIC (common interest community) Documents. All documents may be reviewed durning this period, such as HOA Dues, Minutes of the HOA meetings, Budget, and more. In your contract, you would have agreed to waive this right or reviewed these documents. Look at your contract in section 7.4. of the Colorado Contract to Buy and Sell and see what you agreed to. I hope this helps.
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