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Old 06-19-2010, 11:56 AM
 
10 posts, read 66,949 times
Reputation: 12

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We're thinking about buying a condo or townhouse in pasadena area.

What questions should we ask the HOA before putting down an offer?
We want to avoid any financial surprises.

Also, if a tenant is late in paying thier HOAs who eventually picks up the tab?

Thanks in advance for your advice!
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Old 06-19-2010, 01:45 PM
 
Location: Columbia, California
6,664 posts, read 30,527,854 times
Reputation: 5178
If a owner is late on HOA fees, they roll over to the next month with late charges. Why should anyone else pay that for you? If unpaid too long a lien will be placed on your property to collect when sold.

The realtor should disclose HOA fees, they vary from $200 to $800.

Rules should be shared on purchase or demand. Mostly you are to keep everything unchanged and kept. Some parking regulations, cars must be not stored in common parking. Some condos require parking in garage only. Ours has 1st and 3rd tuesday street sweeping, any car left out gets towed, private streets - no parking enforcement. In our condos we are allowed to do what we want in the patio as it is not common property. Wife and I added a jacuzzi as we like to soak in the nude at midnight.

Always best to not even talk to HOA unless needed. I am lucky as our HOA pres is a friend, he thinks it is all a joke as well.
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Old 06-19-2010, 01:45 PM
 
1,319 posts, read 4,228,485 times
Reputation: 1152
HOAs can stick it to you 100 more ways than you can prepare for.
Even when you are legally and contractually in the right they can hassle you more than you can hassle them.
THe boards of HOAs often are their own little oligarchies.
Do online searches for problems people have had with HOAs.
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Old 06-19-2010, 02:03 PM
 
Location: Columbia, California
6,664 posts, read 30,527,854 times
Reputation: 5178
Even a lot of problems in the HOA board. My wife became a board member. Her only reason was to get approval for all to be able to update old aluminum window to new vinyl windows with double panes. Took her a few years and she finally got it thru, oddly the most resistance was from the management company who pays the bills for us. The women was foaming at the mouth whenever the subject came up, and this woman is not to really have a voice in the proceedings. When we got it approved she even created a rule the windows had to be a certain brand and she came up with "package" installation. The not so hidden truth is she gets a kickback everywhere she can.

My wife just quit the board. She got a email from a different board member who thought she was writing Angie from the management co. Said she had enough from this girl, what can we do about her. My wife simply replied to the letter including everyone that she most have intended the letter to go to Angie. As petty as they are to the residents they are to each other.
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Old 06-19-2010, 04:08 PM
 
Location: Los Angeles, CA
787 posts, read 1,937,326 times
Reputation: 379
You should ask your Realtor what he/she knows about that particular board and its current financial situation. You do NOT want to buy into a building that is chronically underfunded, due to either mismanagement or non-payment from certain residents.

You also do NOT want to buy into a building that is in litigation with a builder/developer (assuming it was built in the last 10 yrs).

If your realtor can't answer any of these questions....tell him/her to find out or get new realtor.
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Old 06-19-2010, 04:17 PM
 
660 posts, read 1,393,945 times
Reputation: 289
Quote:
Originally Posted by SoCal35 View Post
You also do NOT want to buy into a building that is in litigation with a builder/developer (assuming it was built in the last 10 yrs).

If your realtor can't answer any of these questions....tell him/her to find out or get new realtor.
Sometimes Realtors can be clueless, so is there a way to find out if there's any ongoing litigation instead of relying on them?
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Old 06-19-2010, 04:27 PM
 
Location: Southern California
2,037 posts, read 2,146,514 times
Reputation: 284
Ask to see a copy of the CCRs (Codes, Covenants and Restrictions) and their last financial statement before you even put down a deposit. Also, when you find the condo or townhome that you like, you might want to talk to your potential neighbors about the property and get their scoop as to whether it's a good place to live.
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Old 06-19-2010, 04:34 PM
 
Location: Lafayette, Louisiana
14,100 posts, read 28,419,632 times
Reputation: 8075
Even good HOAs can go bad. Avoid them at all cost. If you do decide you want to live in one, demand a copy of their rules and regulations before placing deposit or signing anything. If they deny then take your business elsewhere cause that means they have something to hide.
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Old 06-19-2010, 04:36 PM
 
Location: RSM
5,113 posts, read 19,703,917 times
Reputation: 1927
Make sure they have a fund and a reasonable process for things like termite fumigation and reroofing that are necessary every 10-20 years for proper upkeep. A local HOA I know of didn't, so when they replaced the roof they had to finance it and the 200$ hoa fee went up to 500$ for 8 years until it's paid off. Can easily take something affordable and make it difficult to manage with a 50% majority(depending on HOA of course)
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Old 06-20-2010, 11:03 AM
 
660 posts, read 1,393,945 times
Reputation: 289
Quote:
Originally Posted by bhcompy View Post
Make sure they have a fund and a reasonable process for things like termite fumigation and reroofing that are necessary every 10-20 years for proper upkeep. A local HOA I know of didn't, so when they replaced the roof they had to finance it and the 200$ hoa fee went up to 500$ for 8 years until it's paid off. Can easily take something affordable and make it difficult to manage with a 50% majority(depending on HOA of course)
That's terrible! Someone could lose their unit if they can't cough up the extra $300.00/mo. HOA money!
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