Realtors - why don't you always include HOA fees (Tampa: days on market, sale)

[cupper3]

Some may answer this, but this is more to advise of the impression lack of such basic information on condo's and townhouses gives to potential buyers.

If you don't include this very basic information, I will not be contacting you.

If I really like the place and want to see it, I will contact another realtor. Now, you know that means a commission split.

I just do not understand why all the information is not given in a listing. It will all come out eventually anyways.

Is this laziness, an attempt to withhold information if the HOA is high, or is it simply a matter of "I don't have that information"? If the latter, GET IT!

[roadtrip75]

Yeah, they treat that info like it's classified.

[Pragmaticus]

In most cases the information is there. Just you may not have access to it through listing sites such as realtor.com. If you have access to MLS, you would see HOA and CDDs. But I agree some realtors are sloppy that they don't give complete info in the first place and you would have to contact them to get basic info like this. You appear to be trying to buy without a buyer's realtor (which is OK, if you know what you are doing) and don't have access to complete info, that's why.

[roadtrip75]

Originally Posted by MeInDenudinFL

In most cases the information is there. Just you may not have access to it through listing sites such as realtor.com. If you have access to MLS, you would see HOA and CDDs.

Imagine if they treated the square footage the same way.

[TampaKaren]

I can't speak for every Realtor but I try my best to include everything possible about the properties I sell. I have one listing now that the HOA is managed by a board of volunteers who don't respond to my emails or return my phone calls. I'm frustrated and it's been a large waste of time. This is unusual, but you should know that it does occur. I've also had sellers to tell me they don't know if there's an HOA or not and I knew better.

HOA dues and maintenance fees can vary a lot based on the size of the unit, its location and in some cases, length of ownership, e.g., grandfathering. When a property manager is involved and the company name is available, it's fairly easy to get dues information from them. Even so, there can be two different groups: one for property management and another for the homeowners' association. If there's a CDD, now there are three contacts creating more potential for error.

For buyers, I do get the missing information for them where possible. When I convey that information to them, I make sure I give them the contact information for the people I talked with; and I request they contact them directly for any additional questions and to confirm the information that I received is correct.

Liability is an issue when incorrect information is recorded and this happens frequently, e.g., listings already on the market that cross over the HOA budget year. If there happens to be a large assessment pending or changes in the amounts charged to the homeowner, then the broker just might have to pay the difference if litigation should occur. In the case of foreclosed bank-owned properties, they are not required to disclose and they don't for this very reason.

So before you go placing blame on the real estate agent, maybe this will give you pause as to the possibilities. There's a valid reason that caveat emptor is mentioned so frequently in real estate.

[lavender]

My policy is tell buyers everything up front, HOA, estimated utilities, taxes (current), CDD and explain what that is, etc etc. If its not on the listing, I make a point of finding out myself, this is not hard work, but there are still plenty of lazy and sloppy agents around. Pity!
This has caused me to lose buyers lol when they realize after all they can't afford the vacation rental condo on the beach and then get rentals to cover everything! But I'd rather lose a sale than have a client badmouth me for the rest of their time in my area.

[chi_tino]

Originally Posted by TampaKaren

I have one listing now that the HOA is managed by a board of volunteers who don't respond to my emails or return my phone calls.

The seller that you are representing and have a contract with refuses to tell you what they pay for monthly Association fees? That just smells fishy.

Also, lavender, listing current taxes when you know that they are based on the current owner's SOH cap is disingenuous at best, fraudulent at worst. I'm not sure why it is included because the number is worse than meaningless -- it is intentionally wrong. There is nothing to be gained by telling someone that current taxes are $2k a year when the new owner's taxes will be $10k.

And don't get me started on the "days on market" statistic, a completely fabricated number for realtor marketing purposes.

[bentlebee]

The OP posted one of the best post of the year! This is so annoying! On top of that every agent should have their clients sign a property disclosure where it has to be filled out and there is plenty of resources to try to get the info. We always try to upload all disclosures to the MLS so all outside agents can see all the important info...most offices/agents don't do this and it is annoying since half of the agents don't even pick up their phone or return a call in a decent time frame, BUT the good news is that we get more clients who are done dealing with unprofessionalism like that

[bentlebee]

Originally Posted by lavender

My policy is tell buyers everything up front, HOA, estimated utilities, taxes (current), CDD and explain what that is, etc etc. If its not on the listing, I make a point of finding out myself, this is not hard work, but there are still plenty of lazy and sloppy agents around. Pity!
This has caused me to lose buyers lol when they realize after all they can't afford the vacation rental condo on the beach and then get rentals to cover everything! But I'd rather lose a sale than have a client badmouth me for the rest of their time in my area.

I hear you! Better think long term than short term lying...

[cupper3]

Originally Posted by TampaKaren

I can't speak for every Realtor but I try my best to include everything possible about the properties I sell. I have one listing now that the HOA is managed by a board of volunteers who don't respond to my emails or return my phone calls. I'm frustrated and it's been a large waste of time. This is unusual, but you should know that it does occur. I've also had sellers to tell me they don't know if there's an HOA or not and I knew better. ...........

I've seen your posts, and I would have been surprised if you were one of those who took part in what I certainly see as laziness at least.

I don't get it... as realtor's your in a competitive situation, and times have not exactly been great. Why would a realtor do anything that might ***** a deal? I know you have answered that already, I am just being rhetorical.

If there are things about a listing that should have been known and a realtor I am working with has not disclosed them up front, I just would not be working with that realtor again. And yes, I understand that some of the information may not be easy to get at all times, but it is in the HOA's best interest to get a performing owner, rather than one who may not be, right?