1,506,923
Short answer: No.
Long answer: I've never heard of an HOA having that level of authority. Personally, I believe it is a member wanting to keep prices high so that their home's value maintains or rises. Best to check the CC&Rs (or ask them to show you where the HOA gets that authority or ask to see their real estate license).
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Gail Lindhorst
Folsom, CA
-
Inna Ivchenko
Encino, CA
-
Susan Haughton
Alexandria, VA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Sandy Padula & Norm Pa...
, CA
-
Michael Jacobs
Pasadena, CA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Carol Williams
Wenatchee, WA
-
Ron and Alexandra Seigel
Carpinteria, CA
-
LaShonda Solomon
Kennesaw, GA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Debe Maxwell, CRS
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Hella M. Rothwell, Bro...
Carmel by the Sea, CA
-
Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
-
Bob Crane
Stevens Point, WI
140,560
I hear this all the time here in South Florida. We have started warning sellers in HOA's or Condos that both neighbors and even board members will try to push their opinion on them and encourage sellers to raise their asking price.
I have instructed the seller to say the following in those circumstances "If you think my place is such a good deal, why don't you call my agent and buy it?"
This usually shuts them up really fast.
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Susan Haughton
Alexandria, VA
-
Miriam Malave
Kissimmee, FL
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
Libby Cousins
Spokane, WA
-
Richard L. McKinney P.A.
Port St Lucie, FL
-
LaShonda Solomon
Kennesaw, GA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
1,554,939
Ask the HOA president to buy it.
No, the market sets the price the seller selects; the lien holder approves the price.
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Bob Crane
Stevens Point, WI
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
LaShonda Solomon
Kennesaw, GA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
6,424,817
Lots of people offer opinions of things of which they are not qualified to comment on. Tell your client to ignore this person.
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Susan Haughton
Alexandria, VA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob Crane
Stevens Point, WI
2,459,243
In a co-op community, there could be a possibility the board does have that power depending on the governing rules. I lived in one that had right of first refusal and if they chose to sell a place themselves could decide how it was priced.
However, in your example, with an HOA for a condo community, I say "no." I bet that HOA president wants to sell her/his place soon and wants to keep the prices up!
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Debe Maxwell, CRS
Charlotte, NC
-
Hella M. Rothwell, Bro...
Carmel by the Sea, CA
-
Nina Hollander, Broker
Charlotte, NC
3,627,272
Short answer NO
Long answer NO.
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Susan Haughton
Alexandria, VA
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
LaShonda Solomon
Kennesaw, GA
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
1,057,554
The HOA president is not a real estate professional, and even if they are, they're not the real estate professional representing the seller. They need to keep their little fat nose out of the sellers business. This is not their call.
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Gail Lindhorst
Folsom, CA
-
Susan Haughton
Alexandria, VA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Candice A. Donofrio
Fort Mohave, AZ
759,935
If the HOA has a lien on the property my only concern would be securing the payment of their lien from the approved expenses. Their opinion of price is irrelevant as far as I am concerned. The owner still owns the house- you set the price & the bank appraisal has to jive.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
1,208,838
No, check the con do docs to see if there are any specific words regarding g the sale of properties there.
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
5,258,239
They can say what they want but, ultimately, the pricing is not their call (unless it's a co-op).
They're probably just concerned about the values being brought down. However, an appraised valuation should not include distressed properties for future sales.
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
-
LaShonda Solomon
Kennesaw, GA
-
Anthony Acosta - ALLAT...
Atlanta, GA
4,906,660
I would ask the HOA president if Amazon stock price is too low. The market dictates price.
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Debe Maxwell, CRS
Charlotte, NC
3,350,589
Absolutely Not. The lender/bank dictates the price. They won't accept an offer that is not in alignment with what they believe the home is worth.
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Candice A. Donofrio
Fort Mohave, AZ
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
5,583,328
wow...that's a new one....the condo owner dictates... or should dictate!!!
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Debe Maxwell, CRS
Charlotte, NC
55,673
I live in a HOA community. My wife is a Realtor and I am a Mortgage Banker. Never, ever have I seen an HOA dictate the value of a property. They are not the experts......you are. Unless it's in the by-laws (which I doubt) then ask the HOA President, how many homes has he sold this year? It always amazes me when I get borrowers telling me that the "Neighbor" told him what interest rate he should get.
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Candice A. Donofrio
Fort Mohave, AZ
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Debe Maxwell, CRS
Charlotte, NC
637,484
Since it is a short sale, would that higher price take it out of the short sale range? I've done that in the past. Sometimes sucessfully. Dealing with the bank makes the sale so much tougher and usually takes longer.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Debe Maxwell, CRS
Charlotte, NC
3,071,589
No - unless it's written in the HOA rules - which I have never seen...yet
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
LaShonda Solomon
Kennesaw, GA
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,574,666
Unless the association is the mortgage holder they should have no impact on anything...
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
LaShonda Solomon
Kennesaw, GA
-
Debe Maxwell, CRS
Charlotte, NC
599,734
Not at all. They are simply trying to protect the interests of the other owners.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
LaShonda Solomon
Kennesaw, GA
-
Debe Maxwell, CRS
Charlotte, NC
717,035
No. However, it could be the HOA is trying to push for a higher price to keep the comps up in the community. But you are the real estate professional and should be the person who lets the seller know what the property should sell for.
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LaShonda Solomon
Kennesaw, GA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
7,870,816
A HOA officer can provide whatever advice he or she wishes to provide. However, they can not usually control the market.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
376,987
It always amazes me what residents think an HOA board has authority over and sometimes, it is amazing what HOA boards think they have authority over in the neighborhood.
I love Richard L. McKinney P.A.'s response.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
5,063,230
I don't see how the HOA can unless there is something in the CC&Rs that allows it. Probably more concerned about potential impact of values but ultlimately it's the market that will decide, and what the lender is willing to accept.
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Debe Maxwell, CRS
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
2,785,456
Every person I run into dictates price opinion. Real Estate does that in people
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Carol Williams
Wenatchee, WA
5,773,239
LaShonda,
I agree with Ryan Huggins - Thousand Oaks, CA . A
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
4,800,132
They shouldn't.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
716,659
Unlikely - so NO. Did you ask the HOA President if he/she was commenting under his/her official capacity, or as a personal comment?
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
902,428
Anybody can chirp in, but the market decides.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Libby Cousins
Spokane, WA
817,753
Not at all. They are probably concerned that if it sells that low it will drop the values of all the rest. In a short sale the Bank will let you know what price they will accept. I hope your client understands that anything waived is now taxable.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
2,222,281
Absolutely not.
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LaShonda Solomon
Kennesaw, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
5,245,401
He who owns sits on the throne, not a condo commando!
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
3,416,038
No the HOA can not dictate price, but it could be a prediction that the bank will think it is too low and not agree to a short sale on this property
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
1,847,731
No, tell the president to mind his own business as your job is to sell the property not please him. I can see his concern, as the lower price effects all in the community.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
5,116,528
I don't think so.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Anthony Acosta - ALLAT...
Atlanta, GA
544,014
Please see my response in blog post (that your question inspired this morning!):
Fewer buyers will be interested in the property because of the uncertainty of how long they have to wait to get a short sale approval, or counteroffer, or total denial. Buyers are especially wary of short sales in an appreciating market where a 3 to 6 month wait for a failed short sale offer may result in the buyer having to pay many thousands more for a comparable property when he/she reenters the market.
Fewer buyers mean less demand. Less demand means lower price. The short sale lenders understand this, therefore they let the house go at somewhat of a discount.
Therefore, the condo is indeed worth less than market value by virtue of its short sale status, regardless of its intrinsic value if it were not a distressed property.
If somehow the HOA has the right to impose a price that the market will not pay, the condo will eventually go to the foreclosure sale. This could cause them to have an abandoned condo in their midst with diminishing value due to neglect, deferred maintenance and sometimes even vindictive damage to the condo purposely lower the value as a way to get back at the HOA directors who blocked the owner's ability to avoid foreclosure via a short sale.
HOA directors generally have very little knowledge of how a real estate market works. The market will do what the market will do, however, the lesson will remain unlearned by the HOA directors.
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Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
2,195,349
No they are just fearfulthey will have toaccept a lot less
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Michael J. Perry
Lancaster, PA
213,263
NO but one of their duties is to preserve and promote housing prices in a community as condo comps are more powerful than house comps since they are more exact matches.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
634,532
No. Any neighbor might say the same thing. You are more likely to know the real market value than the owners of similar properties.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
1,093,447
No but they wish they could. That president obviously does not understand the concept of fair market value or that sales price is based on facts, not opinion. He should keep his SWAG to himself. I feel sorry for your homeowner having to put up with this guy.
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LaShonda Solomon
Kennesaw, GA
-
Debe Maxwell, CRS
Charlotte, NC
231,948
No, never heard that one before. What I know is that agents sometimes list them low to attract attention and they sell for more due to the low listing price. Lenders will object however if the selling price is too low.
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LaShonda Solomon
Kennesaw, GA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
3,988,013
No and my question would be is the HOA President a licensed real estate agent or appraiser? In my state to practice real estate and give evaluations you need a license. I bet that would get the President to butt out.
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LaShonda Solomon
Kennesaw, GA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
2,684,769
Dear HOA President:
MYOB
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
1,728,767
As Sir Ryan Huggins - Thousand Oaks, CA scribed
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
648,425
Client should direct all questions to you as the Listing Agent.
Hard to say the motive...
Could be trying to maintain values/comps.
Could be trying to steer to another agent.
Could be they just need to keep their eyes on their own paper and opinions to themselves.
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Debe Maxwell, CRS
Charlotte, NC
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Diana Zaccaro Broker A...
Cocoa Beach, FL
991,752
No, however the HOA can foreclose on the listing if there are back fees due so be careful
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
4,584,196
I love it when "neighbors" think a price is too low...let the overbidding begin. As far as the HOA and dictating list prices(who knows the actual sales price yet, right?) I'd ask to see where that is a part of the rules/regulations and/or CC&Rs.
Good luck with your new listing.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
921,504
The HOA president does not know how short sales work.
The bank will determine the selling price. The list price is simply to catch a few fish.
And, NO, the only situation I experienced price control is with Co-ops.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
1,466,257
LaShonda Solomon I would say no, but read the Conto Docs. There may be a clause in there that properties have to sell at market value. Odd, but you never know.
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Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Michael Jacobs
Pasadena, CA
250,053
Absolutely not. The bank dictates what price they will accept in the short sale negotiation. As a realtor, you would want to price it low in order to submit the short sale package and offer to the bank. Then the bank will reject or upon acceptance they will order a BPO. Condo commando's are often looking out for themselves, and worried that a low sale will devalue other homes.
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LaShonda Solomon
Kennesaw, GA
177,546
Of course the price is too low. That's why it's called a "short sale".
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Debe Maxwell, CRS
Charlotte, NC
1,625,253
I never had any issues about the price with HOA. They can advice but I doubt they can interfere, so just do what you need to do. Listing price and final ''sold'' price is not the same.
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LaShonda Solomon
Kennesaw, GA
3,168,134
Honestly it has to be a value that the bank will accept with an appraisal in hand, but the HOA, nah, they have no control.
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Debe Maxwell, CRS
Charlotte, NC
1,712,876
4,319,873
5,879,676
That sure sounds like they are putting their nose into something they should stay out of !!!
3,986,308
4,434,177
1,242,204
nop. But you may not the the lender to approve as BPO value(market value) is what the lender uses in almost all cases.