what is the hoa?

Asked by Judith Dozier, Tampa, FL Sun Jan 8, 2012

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This question is about this property: http://www.trulia.com/property/3056876140-8622-Tanglevine-Ln…

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Lynn Brock, Agent, Sarasota, FL
Tue Jan 10, 2012
Alma Kee has provided you with a pretty complete response.

Lynn Brock
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Alma Kee, Agent, Tampa, FL
Sun Jan 8, 2012
This is a condominium and the monthly condo association fee is $231.72 per the listing agent.

It is not available to buy as the seller has already signed a contract with another buyer on August 13, 2011. It's possible that other buyer will eventually give up if the short sale drags on for several more months before it is approved to sell so find a local Realtor to assist you and they can alert you if it comes back on the market. Also the lender that must accept the loss may require a significantly higher sale price so it may come back on the market at a higher price.

Also most condos will require an ALL CASH purchase unless they are one of the few condos on the "approved" list. If you're not able to pay ALL CASH and need to borrow money to buy a property, you may have to limit your search to Townhouses and Single Family homes.

Also I just pulled up the listing agents "required" contract and it puts you at risk of not being able to easily cancel your contract if you find problems with the condo, i.e. it must be 5% of the sale price for repairs and you MUST have a report confirming those repairs are required. Normally short sales give the buyer the absolute right to cancel for any reason up until the 7 day after the Short Sale is approved. On a lower priced property like this the 5% repair requirement may not be unreasonable but on a $200k property a $10k repair hurdle may be excessive.

All the best,
Alma Kee
Future Home Realty
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