Realtor question re: development financial status (HOA, condo, loan)

[kthudin]

First of all, I'd like to thank all of the contributors to this forum - we began our search for a vacation place about 1 1/2 months ago, and this is site has proven helpful with our adventure.

I found a local realtor who is helping us find our new place. We're looking for 2 bed/2bath villa/townhome/condo with a garage. Hoping to spend around 150,000. We'd like to be 15-20 minute drive from a beach and have shopping near us. There are so many units on the market, and I've gotten help here with some of the developments to avoid.

Here's my question - I asked our realtor if she could let me know which developments to stay away from (those that are known financial messes especially) and she said legally she couldn't do that. Being from Minnesota, I'm not familiar with Florida law, but it sounds to me like I need to find a new realtor. Is there some kind of realty law that prohibits this, or is she just not working for me?

Thanks,
Kim

[coastalrap]

Originally Posted by kthudin

First of all, I'd like to thank all of the contributors to this forum - we began our search for a vacation place about 1 1/2 months ago, and this is site has proven helpful with our adventure.

I found a local realtor who is helping us find our new place. We're looking for 2 bed/2bath villa/townhome/condo with a garage. Hoping to spend around 150,000. We'd like to be 15-20 minute drive from a beach and have shopping near us. There are so many units on the market, and I've gotten help here with some of the developments to avoid.

Here's my question - I asked our realtor if she could let me know which developments to stay away from (those that are known financial messes especially) and she said legally she couldn't do that. Being from Minnesota, I'm not familiar with Florida law, but it sounds to me like I need to find a new realtor. Is there some kind of realty law that prohibits this, or is she just not working for me?

Thanks,
Kim

Actually it is against federal law to "steer" someone away or to areas to live, although that is more for race and religion. If you were asking about the status of the HOA, that is one thing but if you meant the residents, that would be crossing the line. In any case your Realtor was smart not to get into such a discussion at all. At least you know that she is honest enough follow the rules, sounds like a keeper.

You should look into the financial health of the HOA that you are considering buying into but you should be getting this information yourself and not expect it from your Realtor. They should help you get to the right person to ask but you need to understand what the information means to you and not ask your Realtor to be a financial expert.

[imagardener]

I think you are being very smart by looking into the financial status of the condo or HOA association. A recent article I read stated that banks are starting to look into what financial reserves are there before making a loan. Many HOA's and condo assoc. have little or no reserves, which is legal, but not a good financial model to buy into.

There shouldn't be any law prohibiting a realtor from getting that information for a potential buyer, it is vitally important and in the buyers best interests.
It is not "steering" at all, that is ludicrous. Get a better realtor who wants to work for you.

[TedTLPN]

Realtor can say what areas fit what you are looking for so long as the criteria aren't based on discriminatory factors. As far as specific properties, however; they LEGALLY can't provide the property history, but the smart ones can advise you to do extra research.

Personally, I always google the address I am going to be living at, and any other addresses proximal to it and read what events have been worth being reported there. Sometimes you have to go to the local news sites to get the 'good' stuff, but it's always interesting.

Something I have done differently this time is I actually talked to neighbors before making an offer. While not perfect, you get a good feeling of who the people around you are going to be.

[coastalrap]

Originally Posted by imagardener

i think you are being very smart by looking into the financial status of the condo or hoa association. A recent article i read stated that banks are starting to look into what financial reserves are there before making a loan. Many hoa's and condo assoc. Have little or no reserves, which is legal, but not a good financial model to buy into.

There shouldn't be any law prohibiting a realtor from getting that information for a potential buyer, it is vitally important and in the buyers best interests.
It is not "steering" at all, that is ludicrous. Get a better realtor who wants to work for you.

rif

[kthudin]

Thanks for your input - It will be easier to make decisions when we come and spend some more time in the area.
Later,
Kim