Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We're finding that the multiple listings for condos are often advertising last year's monthly HOA fees even though they have been raised for 2013 in some complexes. We're looking at one such complex, where I have been doing my own homework. I've found that the fees were raised $25 a month more than advertised and by talking to the property manager, I also learned that there are annual special assessments of $1500-$2500 for capital improvements, none of which are disclosed on the listing.
(This come on top of a situation last month, where I discovered that an agent was listing last year's property taxes on a condo. When I did my homework, I found the taxes were $2K a year higher. The taxes had changed months earlier. The amount on the listing had not.)
Has anyone else experienced this? Do real estate agents think we're stupid, or what? What I find interesting is that if you ask the agents for condo financials before you have an accepted offer, the standard answer seems to be, "Oh, we'll get that for you before the contract." Now I know why.
Realtors often can only rely on the previous year's tax and HOA fees. If a homeowner doesn't disclose an increase in the HOA fee or pending property assessments to the listing agent then the blame falls on the seller. At closing, the title paperwork should clearly disclose the current amounts.
Taxes are estimated (at least in Florida) from the previous year's tax assessment and are prorated (seller responsible for taxes prior to closing and buyer after closing). No realtor can predict the current annual property tax that will be assessed.
Don't read more into it than that, there is no intention of misleading potential buyers.
Many agents view themselves as 'marketeers' and see little responsibility for distinguishing between 'effective advertizing' and 'truth.' Realtor marketing language is pretty typical: "Stunning views" means you can see the sky and some trees; "Water view" means that if you stand on the toilet in the second bedroom and look out a small window, you can glimpse the water on a clear day. "Must See" means if they can get you in the door, they can overstate the obvious.
Similarly, many things are over/understated, like sq. footage (which includes a balcony or perhaps garage workship); older HOA fees, lower taxes, etc. The underlying thought here is not so much lying ... as 'deniable plausibility.' But, then, most advertizing does the same - Watch the signs, for example: "Going Out forBusiness"; PRICE $###.##(starting at).
It's not always clear if RE Agents think 'buyers are stupid' or simply that most buyers don't pay attention to details. It's always annoying to arrive at a property expecting one thing (based on the ads) ... only to discover something else. But, isn't that is the nature of advertizing today?
Has anyone else experienced this? Do real estate agents think we're stupid, or what? What I find interesting is that if you ask the agents for condo financials before you have an accepted offer, the standard answer seems to be, "Oh, we'll get that for you before the contract." Now I know why.
You are right - it's common practice in my area to hide/ not update fees and taxes info.
Real estate agent is not a profession, it's a joke. salespeople and you absolutely cannot count on what they are saying. Do you homework as you are doing becuase you are the one who wants to know the truth.
Keep wondering what real estate agents are paid for ... unlocking doors? too much in my opinion.
You are right - it's common practice in my area to hide/ not update fees and taxes info.
Real estate agent is not a profession, it's a joke. salespeople and you absolutely cannot count on what they are saying. Do you homework as you are doing becuase you are the one who wants to know the truth.
Keep wondering what real estate agents are paid for ... unlocking doors? too much in my opinion.
Can you say slander ?? I knew you could.
Try walking a day in my shoes and you will know that your statements are ridiculous.
Last edited by dontaskwhy; 03-26-2013 at 12:13 PM..
In my MLS taxes are propagated from the tax appraisers site. No opportunity for screwing the buyers with disinformation even though we salivate at the thought of the possibility.
You are right - it's common practice in my area to hide/ not update fees and taxes info.
Real estate agent is not a profession, it's a joke. salespeople and you absolutely cannot count on what they are saying. Do you homework as you are doing becuase you are the one who wants to know the truth.
Keep wondering what real estate agents are paid for ... unlocking doors? too much in my opinion.
I might have thought that before I watched HGTV. Now I can't decide if waitresses or real estate agents have the worst job dealing with PITA people (but that has nothing to do with HOA disclosure).
I have always regarded the listed taxes and HOA fees as an approximation, to be verified before purchase. Just like room size, type of heat, etc. etc. I would not be quick to accuse people of misrepresentation when it could be old data or honest error.
As far as assessments is concerned- that's part of your due diligence between offer and closing. You cannot expect everything to be apparent in the listing.
I've been having a real problem with this while looking at HUD foreclosures in Florida. Most of them say the HOA fees are $0, but when I do research I find that that is not at all true. Some have been as high as $900/mo. It's a huge waste of my time.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
