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Old 02-20-2019, 03:21 PM
 
54 posts, read 14,827 times
Reputation: 38

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Very true
I have an open house tomorrow so hopefully I'll be able to get more feedback
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Old 02-20-2019, 03:26 PM
 
54 posts, read 14,827 times
Reputation: 38
The HOA has been running the complex for 5 years and the exterior still looks bad after raising fees every year. I have no problem with fees that build the reserves but when simple things take months to fix and I see nothing being done with the money that shows the company is trying to help the complex look better or have better maintenance those fees don't add up.
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Old 02-20-2019, 03:27 PM
 
54 posts, read 14,827 times
Reputation: 38
Default Thanks

Quote:
Originally Posted by Ted Bear View Post
You seem to have a good grasp on the "issues". You are being realistic.


Give it a couple of months and see what happens. Just coming into that time of year that some people call the "selling" season.


Don't rent it. In six months if you haven't sold, then consider adjusting price based on showings, feedback, market conditions, etc.


Market on the coasts is in bad shape--east and west. Hard to sell into a soft market, especially when you have "issues".


Be patient. Nothing you can do is going to change the situation. You will eat yourself alive with "should I pay fees, should I paint, should I lower price, should I...." Sit tight and let the buyers come to you. It just takes time, and playing games is not going to change much other than make you feel like you are doing "something".
Thanks
Really appreciate this advice.
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Old 02-20-2019, 03:29 PM
 
54 posts, read 14,827 times
Reputation: 38
I will drop the price in a month if I don't get my offer
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Old 02-20-2019, 03:38 PM
 
2,644 posts, read 971,536 times
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Quote:
Originally Posted by Cadsuper55 View Post
I have a condo in a great neighborhood in Southern California within 12 minutes to the beach, airport, navy base, and downtown. The average home sells for 800k in this area. I just put my home up a week ago and I've had 3 showings. I have over 1000 views on Zillow and the feedback I received from my agent from the buyers were that the hoa ($500) was the biggest negative. I completely agree especially since we have no amenities. Should I be patient and wait at least two months before just renting and calling it a day? The complex is being renovated within the next 2 years and having kids while selling is making me want to call it off. What do you think
You have had 3 showings in one week and that is pretty good actually. There is interest in your condo.

One week is not a long time for sure. How long does it take for condos to sell in your area? Ask your agent. Also tell the agent that you are motivated to sell and to pass that on to lookers.Get an offer any offer and work with them.

Sometimes the terms of sale are the ticket. One month move in dates for example. Or offer to pay closing costs. Make a deal with the agent to lower commission. There are many tactics.

Get some more looker's comments and then decide if you should reduce. So far the feedback is telling you buyers can't afford your condo.
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Old 02-20-2019, 03:42 PM
 
54 posts, read 14,827 times
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The HOA wants to do this in the next two to five years and my experience dealing with this HOA even with paying high HOA fees we will be assessed. We're actually paying $600 a month at the moment for another assessment on top of the regular HOA fees until January but I'm sure they will do another assessment at that time. The place hasn't been properly taken care of and after the complex is renovated it would probably sell for at least $500k today. I love the place but the HOA company president gets offended by even mentioning why things take a long time fixing or trying to ask anything regarding where the money is going. The area is great I don't want to get rid of it but I really don't like the HOA president. I will probably walk away with 50k after almost three years living here but she's not trustworthy in my opinion. My wife went up to the office while I was waiting for her in the car, no soon as my wife walked in the door the president of the HOA was walking out the back door. Lol My wife is 4 ft 5 inches and never met this person. There's other issues on top of that but that's just one of the many dumb things I've seen from the president. I'd rather get rid of it and walk away with something than deal with the president. I would probably keep the home and rent it or stay even with the fees and assessments if I felt the president was a decent person.
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Old 02-20-2019, 03:52 PM
 
77 posts, read 17,498 times
Reputation: 83
Have you spoken with others in your building by chance and gotten their take on the situation? Maybe it's time for a change in leadership. If you love everything else about your home and aren't too keen on selling it to begin with, isn't it worth fighting for? I don't know what your particular HOA docs say but generally the ability exists to vote people in/out of such a position.

Plus, it sounds like you guys are being charged a lot for very little in return if the monthly HOA clearly isn't going for upkeep and you are having to pay other special assessments on top of everything. Are you sure there's no embezzlement going on? Has anyone asked to see the books?
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Old 02-20-2019, 04:39 PM
 
Location: Southern New Hampshire
6,935 posts, read 12,168,056 times
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Quote:
Originally Posted by Cadsuper55 View Post
The HOA wants to do this in the next two to five years and my experience dealing with this HOA even with paying high HOA fees we will be assessed. We're actually paying $600 a month at the moment for another assessment on top of the regular HOA fees until January but I'm sure they will do another assessment at that time. ...
Am I reading this correctly: you are actually paying $1,100/month now for the HOA fee (the $500 regular HOA fee plus the $600 assessment "on top of the regular HOA fees until January")? Or did you just word that badly and that's not what you meant?

What is the extra $600/month assessment FOR? OP, you're parsing out details that could make a HUGE difference to potential buyers.

I don't know too many people who would be willing to pay over $1,000/month HOA fee on top of their mortgage on a $400k property. Holy crap.
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Old 02-20-2019, 10:30 PM
 
54 posts, read 14,827 times
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Thanks I will look into this for sure.
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Old 02-20-2019, 10:38 PM
 
54 posts, read 14,827 times
Reputation: 38
This would be great and I've talked to a few people but they've literally been in the complex for 20 to 30 years so even though they don't like the company they don't even want to put effort into going to meetings to change anything because the president annoys them. I just moved in a couple of years ago so unlike them my mortgage and HOA is enough to still care. I would love to stay in the home or rent the condo and come back in a few years. I will give it a little more time and if I feel like there is hope I may look into keeping it. My problem is strictly with the company president the complex hired to handle our finances.
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