1,543,225
Yes I do and yes, it's a problem that you state: Listing agents do not know or find out what's included in the HOA fees quite often. Hell, some don't even put the name of the association or park in the MLS.
This is why I do, because I know the easier it is to buy, the easier it is to sell.
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
-
Thomas J. Nelson, REAL...
La Jolla, CA
3,416,038
It is funny when I ask listing agents in my area and hear this as well. "ask the management comany?" shouldn't they ask so they can market the condo properly?
-
Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Candice A. Donofrio
Fort Mohave, AZ
4,571,606
I have received these questions from banks who are refinancing units for their borrowers. Knowledge is quite powerful.
-
Peter Testa
Danbury, CT
-
Gita Bantwal
Warwick, PA
-
Debe Maxwell, CRS
Charlotte, NC
1,052,056
I rarely ever work with condos, but if I did I would know exactly how to get exactly what I need. Somebody's running the show, and a lot of times the information is online.
Funny story, not about condos but one waterfront community in my area, the HOA is literally ONE GUY who lives across the street. No website.
If you don't know how to get a hold of him, you'll never know what the deal is on the dues and amenities. You also can't be approved for membership without him. LOL
This is why I say real estate is not just local but hyperlocal, and you don't know what you don't know.
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Michael Jacobs
Pasadena, CA
5,104,806
Yes and yes. The problem, Dennis, is that many condo sellers don't know the answers, don't have paperwork easily available if at all. And I've run into more than one condo association that won't release documents to a listing agent.
-
Brenda Mayette
Glenville, NY
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
1,153,794
If I can't find it online you're going to get the call Dennis. Luckily, public record has alnost everything I could ever want to know about condominiums.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
5,583,278
that listing agent has no business listing anything.... it's her job to know everything about each one of her listings.... and she must disclose all of this information.... the more information a listing agent provides, the easier it will be for the right buyer to buy and the buyer's agent to cooperate...
-
Fred Griffin Florida R...
Tallahassee, FL
-
Margaret Rome Baltimor...
Pikesville, MD
757,885
I always start off by gathering the basic information that is needed- prior to going on the market. I'll get the information from the Seller. Rarely do they provide the Resale Docs from when they bought it. Even when they do it's often outdated. Those cost hundreds of dollars so they are ordered when the deal goes into contract & then the buyer can take them & review the bylaws line by line. If there's a specific question I don't have the answer to I will call the HOA & get the answer. That's what I call working things out!
-
Fred Griffin Florida R...
Tallahassee, FL
-
Debe Maxwell, CRS
Charlotte, NC
5,215,523
Yes, many listing agents do not have all the information. Makes me wonder how they determined price! Makes me wonder about their competence.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
3,071,489
Yes and yes
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
4,800,082
If I represent the buyer, and the listing agent doesn't have the information I need, I will also call you.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,844,171
Yes I personally do but there are many agents that just feel it's someone else's job. I would also like to add that MOST of the time that is included in the listing sheet & the BA refuses to read it.
Buyers just looking do not need to see condo docs. I've never given any out just willy-nilly.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
921,504
I do help folks buy and sell condos.
Friday the buyer agent called to inform me I mentioned nothing about the pet policy. IN ALL CAPS, in the last line of property description AND realtor remarks it states: SORRY NO PETS and NO LEASING.
The list goes on and on and on regarding examples of you can lead agents to the water, but you can't make them drink.
Yes the information is ALWAYS there. But listing and buyer agent often choose not to read.
DO you read the association / condo docs of all the properties you list?
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
4,434,127
I receive calls from people asking for bylaws when they read my active rain posts.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
2,182,502
There are a couple of online options to handle all required Docs
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
2,684,009
The LA won't have a clue. The owner doesn't know. They fill out the required (statutory) form wrong. Getting documents from many COAs can be an exercise in futility.
Use an Attorney.
-
Peter Testa
Danbury, CT
3,854,786
I do sell condos and I find that as a listing agent, I need to educate the buyer's agents. Different condo different rules.
Always check for things like...
Is it an approved building. Condo Fees and Assessents. What, if any, utilities are included. Pet policy. Rental policy. Age restricted. Elevator use. Moving in times. ROFR. Board approval. Parking. Security...and the list goes on.
-
Fred Griffin Florida R...
Tallahassee, FL
3,344,906
YES!
The HOA docs are ordered upfront and provided in the disclosure package.
Adding to that, I ask the sellers, what is included in their fees.
I also ask, if there is assigned parking. What is their mailbox number? That list goes on and on.
-
John Juarez
Fremont, CA
577,750
If I am listing a condo I know all the stats and can answer any and all questions.. that is MY job... I know if pets are permitted, or if they are restricted.. if restricted I know what the restriction is, I know what the condo fees are and what they cover ...
-
Fred Griffin Florida R...
Tallahassee, FL
5,048,718
Yes and yes. But getting the answers on some questions can be a challenge. Sometimes the sellers know the answers, sometimes they don't and many HOA are not very cooperative in sharing information except via their documents, which cost a lot of money and take forever to get.
-
John Juarez
Fremont, CA
5,229,254
Yes! If I'm selling them, I know the answers before it ever hits the market...and I have the documents to share with other agents as well.
In our fast-paced market, preparedness is key, Dennis!
-
Peter Testa
Danbury, CT
1,239,801
You got $100 for ordering by laws? I only go to HOA review all the docs and gave them a summary to those busy occupants who do not have time but sign every document.
-
Debe Maxwell, CRS
Charlotte, NC
1,045,440
I have and I do depends on the market and the condo they are a different challenge than fee simple properties Dennis Swartz
1,622,432
5,868,372
We have so many, I cannot say I know each and every one of them. Listing agents don't always have the correct information, so research is always needed.
4,882,343
I do sale condos; however, the basic documents are provided by our state real estate commission and our state association of REALTORS®
1,310,972
We obtain HOA docs at a fee through the HOA directly or companies that are designated by the HOA to provide such information. Certain HOA information must by law in California. It can be gotten before or after getting into a contract to sell. The fee to obtain the info is one of the negotiable items in the purchase agreement.
Who pays for water, garbage, gate fee, insurance, common area maintenance, pool maintenance as well as questions about parking and storage and so much more can be obtained by the listing agent before the property goes on the market.
The more the buyer knows, the better the offer will be the is forthcoming and the less problem closing the transaction.
763,783
I don't answer questions like this as the price of being wrong is above my financial ability to pay. I get the CC&R's and have them get answers in writing to any and all of the questions and concerns. Liability and being in court are to be protected and avoided at all times.
4,319,419
4,272,548
3,164,119
We have about 10 condo buildings in my market. And a few townhomes with HOAs as well. It's not often I have a buyer for one, but every now and again so I have to keep up.
6,392,889
182,915
HOA information is essential in condo sale. As a lender if we have all the information upfront lot of time can be saved in condo financing.
3,988,007
I sell condos and also blog about them. I get calls routinely about the by-laws and HOA dues and what they cover. It is so much easier to make one call then for the agents to do the work.
3,986,258
2,178,433
Yes, I did and yes I could. That was also true of mobile homes on leased land. I loved working with the elderly.
1,712,676
Not a big deal in our market but HOAs should be a part of your knowledge base.
7,835,234
1,502,848
When I do work with condos, I get the list of what's included from the seller. If they know, I know and I put it in the MLS.
716,049