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Sale Of Common Area Property Of Homeowner Associations All Locations : Nationwide Real Estate Advice

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Activity 47
Showing results for sale of common area property of homeowner associations [Clear search]
Philip McCol…,  in Long Beach, CA
Sun Dec 27, 2009
Philip McCollum answered:
Sellers are not required to fix up a property for sale, and that applies to foreclosures. If you are buying through a real estate agent, you should obtain full disclosure of the property condition. That way you know what you are buying.

If you are thinking of buying a foreclosed property at auction, you are on your own to research the property condition, etc and you may not even be allowed to see the inside. The auction is a very risky way to buy a home since disclosure may not be required (state laws may differ on this).
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0 votes 10 answers Share Flag
Mack McCoy, Real Estate Pro in Seattle, WA
Wed Feb 17, 2010
Mack McCoy answered:
Jesse Sierra, Real Estate Pro in Pomona, CA
Wed Oct 28, 2009
Jesse Sierra answered:
Hi David,
It's really up to you. Do you know what you prequalify for?
If you would like I can email you some properties in the areas you are interested in.
That way you can make a good decision. Don't rush into purchasing a home or town home and regret it in a couple of weeks after purchasing. This is the most important decision of your life.

Best regards,

Jes Sierra, B.Sc.
Realtor®
Chino Hills, CA
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0 votes 10 answers Share Flag
Lesley Harris…, Real Estate Pro in Huntington Beach, CA
Mon Oct 19, 2009
Lesley Harris answered:
T.Rae,
I know that complex, right near the Traffic Circle and close to Mendez as well.
That is a brilliant question. I am not sure what the law says in regards for them to Provide You The Paperwork Documentation. They do have an obligation to disclose what they know about the unit. Maybe if you offer to pay them for the paperwork and copies they will provide it to you. What kind of damage are you concerned with? You being the purchaser/buyer has a right to conduct a physical inspection, and you can hire a mold specialist to check the walls and your air space.
1) Have a Physical Inspection on the property $250-$300 (I can recommend a few companies)
2) have a Mold Inspection $300-$500 (I can also recommend a couple companies)
3) Ask about their homeowners insurance (state farm? all state?) policy and perhaps you can call them and they can tell you more about the work that was previously performed. That is if the HOA went thru their Insurance......... If you are in escrow already your escrow officer should be happy to help you obtain this information.
4) It wouldn't hurt to call the President of the Board or other members and just mentioned that you are buying at "The Palms" and was curious of the damage of that particular unit. It should of been documentated in the mintues at the HOA meetings. If you want to accuire these minutes and copies of the meetings; the association will provide it for you for a nominal fee. Again, Escrow should help you out in obtaining this information.

T.Rae, Please call me if you would like to dicuss further. Again, great question and valid concern. May not be an issue now ; however it may still be. I also have inspectors and mold people to assist and I can give you the name and number of my Insurance guy to explain the details of a homeowner insurance claim.
Good Luck and talk with you soon,
Lesley Harris, Realtor
(562) 673-0943 cell
lesleyharris@earthlink.net
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0 votes 3 answers Share Flag
Pat Champion, Real Estate Pro in Mount Dora, FL
Wed Oct 7, 2009
Pat Champion answered:
You have to check with your HOA on the rules and restrictions to see what is permitted. I would put one in the window so anyone passing by will see it. I hope this helps.
0 votes 15 answers Share Flag
William M
Mon Apr 14, 2014
William M "Mack" Perry answered:
Anon you question should not be how many, but what percentage of properties they list do they sell?
0 votes 51 answers Share Flag
Monique & Joe…, Real Estate Pro in Beverly Hills, CA
Fri Oct 15, 2010
Monique & Joe Carrabba answered:
Hell Uclaforever,

I am happy to assist you. As a first time buyer with a busy career buying a condo might be your best choice. The process is about the same, however once you get a home into escrow, there are many more inspections you would want to do with a home purchase (foundation,chimmney if applicable and foundation). This isn't done when you purchase a condo usually. The areas you a looking in are pricey for a home. Of them, you still might be able to purchase a home near BelAir in BHPO. The rest of the areas you are probabably looking more towards a condo purchase in your price point. To find out what your pice point is you will need to get pre-qualified for a loan first. I would be happy to give you some recommendations. With a condo, you will also have month HOA (Home Owner Association) dues or HODs. They can be quite high on the Corridor. Expect to pay anywhere from 300 to 1800 per month. You will need to take that into account when making your puchase. The good news is you stayed out of being in to much debt (the great news about an education at UCLA vs other schools). When you are in escrow on a condo you will also want to review the association rules, financials, minutes and also if there is pending litigation and other issues. If you want to explore both options I'd be happy to meet with you. Just let me know and good luck!

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
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0 votes 11 answers Share Flag
Debra (Debbi…, Real Estate Pro in Livingston, NJ
Sun Sep 20, 2009
Debra (Debbie) Rose answered:
Reporting in from northern NJ:

1 We start by filling out a legal sales contract (6 pages w/ addendum)....showing price offered, closing date, mortgage amount and date, inclusions,k exclkusions, etc.................and we get a $1000 good faith check which is waved under the nose of the seller when the offer is presented. Other typical legal mumbo jumbo is in the contract.....the balance of (typically) 10% of the purchase price, for the deposit will be due 10-14 days after our attorney review period
2. Offer is presented to seller and negotiating back and forth can then be verbal
3. Once there is a meeting of the minds, any changes are initialed and the all parties receive their copies of the contracts
4 The next business day, contracts re given to attorneys and the NJ 3 day Attorney Review period begins - we don''t count legal holidays or weekends....***either party can get OUT of the contract during this time with NO reason given...higher offers may be viewed by the seller..the buyer can just back out - home is usually still shown during this time, but that can vary The home is makred ARIP (attorney review in progress)
5 After the conclusion of the attorney review....... property is marked "Under Contract" and comes off the MLS - no further offers may be considered by the seller
6. The buyers then have 10-14 days at this time in which to have their inspections...........any requets for repairs must come within 5 days following that time frame............attorneys take care of the letters and requests...........attorneys handle our closings, not title companies
7. Usual mortgage contingency these days is 30 days - time starts from end of the attorney review
8. Closing, with mortgage contingencies, can take on 45-60 days. - all cash clsoing can happen in 30 days....average here is 60..sometimes 90 days.............closings take place at the buyer's attorney's office

So.............that's a summary of how it is done here!
Signing off from sunny New Jersey!
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0 votes 34 answers Share Flag
Mike Grandel…, Real Estate Pro in Virginia Beach, VA
Sat Jul 10, 2010
Mike Grandelli answered:
There are many properties for sale in the Virginia Beach/Norfolk area that would probably suit you, whether or not they are a forclosure property. If your credit score is approx 600 or above, you should be able to qualify for a VA loan to purchase a home.

I am a full time Realtor in the Hampton Roads area, please contact me for more details on the home buying process. (I am available to talk over the weekend, or any time).

Mike Grandelli
Rose & Womble Realty
757-573-5373
www.homesinVB.com
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0 votes 28 answers Share Flag
Kimberly Lang, Real Estate Pro in Bonita Springs, FL
Tue May 26, 2015
Kimberly Lang answered:
Sail Harbour by EH Builders was built during the height of the real estate boom. Homes originally sold for upward of 300-400k and due to market corrections they are now selling under 130K.

The HOA has changed management companies a few times and now seems to be stable. The homes are being sold mostly via short sale and are strong movers. This development is considered to be a best value for your dollar. I currently have 3 units for sale in Sail Harbour, two are under contract and the other one is still available.

The entire development is finished and you do not have to rely upon unfinished homes to help "pay" dues. The HOA has been turned over to the homeowners - this is important because an HOA's under developer control means, you the homeowner, have no control or say over what happens in your own community.

PORTOFINO Springs by PrimeBuilders Is a development that has very view units built out. Lots of dirt all around. I see this community as one that could be bought by a developer with deep pockets to finish. (much like River Hall needs a strong deveolper since Levitt & Sons filed for bankruptcy.) I would consider holding off on a purchase in this community until more units have been built. This development backs up to Laguna Lakes and is very close to Sail Harbour.

Bell Tower Park by Grosee Point Development Company is more expensive- they are still trying to finish the build out. Many of the original units sold in there are now in short sale and much is still unknown about how the HOA will finally shake out. You see a lot of advertising by this developer theyappear eager bordering on desperate to finish out this community. That makes for some concern with the financial stability of the HOA. I see their prices as a little higher than the value you are getting.

Feel free to email me with any additional questions you may have. It is good to see buyers in this market!
Prices have not been better!

Kimberly R. Lang

The Kimberly Lang Team
Keller Williams Elite Realty
24851 S Tamiami Trail Suite 1
Bonita Springs, FL 34134
When you think of Real Estate, Call The Red Realtor
239-677-8773 Kimberly
239-677-8780 David
www.SWFloridaHomeSearch.com
www.KimberlyLang.net
239-949-8339 fax
239-949-8338 office
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0 votes 22 answers Share Flag
Andrew Himes, Real Estate Pro in Collegeville, PA
Tue Oct 28, 2014
Andrew Himes answered:
Chris,

There is much more to be said about the home buying process than can be said in this type of forum. I generally sit down with prospective clients for at least an hour to discuss the entire process. But a few quick points that you need to know as you begin the process are as follows, in no particular order, but the pre-approval process is definitely the first step, without the pre-approval you are just going to swim in circles:

-Sit down and really figure out what you MUST HAVE in a home for it to even be considered as something that you would purchase
-Figure out what you would LIKE TO HAVE, but wouldnt prevent you from buying that perfect house if it didnt have that specific feature(s)
-What do you absolutely not want a home to have, something that would prevent you from even looking at a home that has this feature
-Find an agent that you are comfortable working with and one that LISTENS to what you want
-Work with a FULL TIME realtor, needs to be available when you are free to look at homes
-You are free to use an attorney and i would never tell you not to use one, but as in other states where it is required, PA doesnt require it

I would love to speak more about the opportunity to sit down with you and further discuss the process and your options.

Andrew Himes, CRS, ABR, e-PRO, REALTOR
Prudential Fox & Roach Realtors
267.231.8255
Andrew@AndrewHimes.com
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0 votes 32 answers Share Flag
Fred Griffin,  in Tallahassee, FL
Thu Jul 9, 2009
Fred Griffin answered:
Home Owner Association Fees (HOA)

Homeowners' Associations are created by Developers of subdivisions or neighborhoods.
They are designed to keep the neighborhood looking uniform.

After the Developer is gone, they almost always remain in force (as long as the Association complies with Florida Statutes and remains active).

Homeowners' Associations are usually listed in Restrictive Covenants ("Deed Restrictions") that are recorded on Public Record. These Restrictions are attached to the Deed and become a requirement of ownership. (Most Deed Restrictions in Florida have the force of law).

Homeowners' Associations enforce the Architectural Control sections (appearance of buildings, lawn maintenance, etc.), Noise and Nuisance Rules,
and other rules and regulations pertaining to what a Homeowner can and cannot do in a subdivision or neighborhood.

The Fees, or Dues, are usually Mandatory.

The Fees cover everything from Common Areas, to Recreational Facilities such as Tennis Courts or Golf Courses, to the aforementioned enforcement of Deed Restrictions.

If the roads and sidewalks in a neighborhood are "privately maintained"; that is, not Government maintained, the Fees may include money for Road Maintenance.

Fees can range from paltry amounts of less than $50 per year, to substantial amounts running into $100's of Dollars per month.

Important: Homeowners' Associations differ substantially from CONDOMINIUM Associations.

***Failure to Pay the HOA Fees or Dues can [usually] result in a Lien being placed upon a property ***


When Homes that are subject to an HOA are sold in Florida (whether new construction or re-sale houses),
Florida Statutes require the following mandatory Disclosure from the Seller:

http://www.leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&Search_String=&URL=Ch0720/SEC401.HTM&Title=-%3E2008-%3ECh0720-%3ESection%20401#0720.401

Homeowners' Associations are governed by Florida Statutes Chapter 720

http://www.leg.state.fl.us/STATUTES/index.cfm?App_mode=Display_Statute&URL=Ch0720/titl0720.htm



------------------------------
Best wishes to you,
Fred
----------------------------
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0 votes 2 answers Share Flag
Marge Bennett, Real Estate Pro in Fort Myers, FL
Tue Apr 6, 2010
Marge Bennett answered:
no pictures - frustrating for buyers and their agents. reasons- maybe lazy agent, or seller who doesn't want pictures of their stuff, or maybe it is just SO bad that they figure it is better without pictures. Not sure, I always make sure I have lots of pictures in my listings.
no sign, again, maybe the seller doesn't want, the community doesnt' allow, or it was stolen (yes that does happen)
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0 votes 9 answers Share Flag
Stacey Wyatt, Real Estate Pro in Atlanta, GA
Fri Sep 17, 2010
Stacey Wyatt answered:
Mike,

When you buy property at the Courthouse Steps, typically only two (2) things survive the Foreclosure Sale... Drum Roll please.... you guessed it... County Taxes and IRS Tax Liens. Uncle Sam NEVER gets shortchanged. ;)

I highly recommend that you identify a target list of properties you want to purchase and then do all the Due Diligence on those properties before the auction. You can check with the respective county to see if back taxes are owed on each property. If Taxes for the respective County traditionally include Water/Sewer/Garbage (e.g. Dekalb County) I would also check with those departments... back water/sewer bills are usually don't amount to a ton of cash... but if you are like me, I like to know all the details before I make a financial decision!!

You can also try and contact the Foreclosure Attorney responsible for each Unit/Home as they are your best source for the full details on the Foreclosure. The only challenge with the latter is that these attorneys are slammed with so many properties going through this process.

Good luck and happy investing!!
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0 votes 12 answers Share Flag
James Gordon…, Real Estate Pro in Hamilton, OH
Sun Apr 27, 2014
James Gordon ABR SFR SRS answered:
mel I refer home inspectors to my clients based on the past service that my clients have recieved from them. Some of what I look for is how well the inspector communicates with my/their client. An inspector that can not make themselves clear or deliver an inspection report on time is next to worthless. I would never refer an inspector just because they would give an easy inspection on a property. There are way to many homes available for sale to be stuck with one that needs major undisclosed repairs.
Just remember no home inspector has xray eyes they can only check what they can get to.
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0 votes 16 answers Share Flag
Kipp Blackbu…,  in Chicago, IL
Thu Dec 3, 2009
Kipp Blackburn answered:
$300+ accuspect is the best experience my clients have had. www.accuspect.com
0 votes 69 answers Share Flag
Wanna Buy?, Home Buyer in Charlotte, NC
Tue Mar 24, 2009
Wanna Buy? answered:
Biggest mistake is having to pay 3% more for an agent when you . You can find the other information on your own. You are wise to be wary of the HOA issues. Just get a good lawyer or CPA to help you out with the tax and contract issue. It will end up saving you a lot of money. ... more
0 votes 17 answers Share Flag
Rick Aguirre, Real Estate Pro in Orlando, FL
Thu Feb 24, 2011
Rick Aguirre answered:
Dallas Texas, Real Estate Pro in Dallas, TN
Tue Feb 24, 2009
Dallas Texas answered:
YES that is normal if we have a qualified client interested purchase in that area.

You can sign an agreement between you and that agent for agreed % of sales price depends on agent, however have all in writing fees can vary

Dallas Real Estate Agent and Mortgage Loan Officer
– Lynn A. Crosby
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0 votes 7 answers Share Flag
The Hagley G…, Real Estate Pro in Pleasanton, CA
Fri Apr 9, 2010
The Hagley Group answered:
It could...but I suspect new programs will be introduced to help keep buyers in their homes. The plans put into play over the last several months have had little positive affect for homeowners trying to make a good faith effort to stay in their homes and pay their mortgage. ... more
0 votes 15 answers Share Flag
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