Is it normal for Realtors to mis-inform HOA info? (foreclosure, how much)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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I put an offer on a home based on what the seller's Realtor told me about the HOA info. Then after the offer, the Realtor provided the HOA info which was hundreds of dollars more, blaming it on the HOA. I've never tried personally to contact the HOA as I never been involved in a Owner's Association as of yet.
Looking at the Realtor's advertisement, you'd think this person was very knowledgeable about this area and would have done their due dilligence. It may be an innocent mistake, but it "stinks" of un-professionalism.
I put an offer on a home based on what the seller's Realtor told me about the HOA info. Then after the offer, the Realtor provided the HOA info which was hundreds of dollars more, blaming it on the HOA. I've never tried personally to contact the HOA as I never been involved in a Owner's Association as of yet.
Looking at the Realtor's advertisement, you'd think this person was very knowledgeable about this area and would have done their due dilligence. It may be an innocent mistake, but it "stinks" of un-professionalism.
I know from experience living now in an HOA community that fees go up, rules change, board members change and things go better and worse over time. The HOA is really only as stable and engaged as the folks who constitute it.
Realtors can't possibly know all the ins and outs of the many HOAs around here. Not trying to get the realtor off the hook entirely but some realtors I have dealt with cover large geographic areas and it would be a lot to expect for them to know all the minutae. Unfortunately, to CYA, you need to delve into the nuts and bolts of the HOA of the community you desire to live in. You'll be dealing with them long after you have forgotten your realtor's name. Most or all HOAs have websites where you can get all your details first-hand.
You always have the option of tearing up your offer.
How much was it off by? Could be the just raised rates, HOA dues are not a steady amount, you should expect for them to rise as you live there especially if there are any community amenities like a pool or club house.
They generally go up every year, so if the house has been listed since before 1/1 it could be an honest mistake. Also, the realtor relies on what the seller tells them (at least that's been my experience when we sold), so the seller could have provided inaccurate information.
I put an offer on a home based on what the seller's Realtor told me about the HOA info. Then after the offer, the Realtor provided the HOA info which was hundreds of dollars more, blaming it on the HOA. I've never tried personally to contact the HOA as I never been involved in a Owner's Association as of yet.
Looking at the Realtor's advertisement, you'd think this person was very knowledgeable about this area and would have done their due dilligence. It may be an innocent mistake, but it "stinks" of un-professionalism.
If I understand this correctly, you submitted an offer on your own directly to a seller's agent, and you trusted this person to give you accurate information about the property even though he/she is clearly representing someone else? I think it's upon you to independently verify whatever details about the property are important to you. In this case all it would have taken is a phone call to the HOA management company...
Maybe it was an honest mistake, maybe it was unprofessional, but I think you should have done your own research. The seller's agent doesn't work for you.
They generally go up every year, so if the house has been listed since before 1/1 it could be an honest mistake. Also, the realtor relies on what the seller tells them (at least that's been my experience when we sold), so the seller could have provided inaccurate information.
In the interest of educating the OP, my HOA dues have only gone up once in the six years I've lived in my house.
Buyer's Realtor should require Standard NC Realtor's Form, 2A12-T, Owners' Association Disclosure and Addendum, from the Seller to confirm the dues amount(s), services provided for the dues, any current or proposed assessments, and name and contact information for the property management individual or company.
This is a standard addendum cited on the Offer to Purchase and Contract and readily available to any listing agent.
Preferably the disclosure forms are scanned into the MLS listing as an attachment so the Buyer's Agent doesn't have to request them or worry about there being none in the home.
Disclosure of the HOA details should fall to the seller, not the listing agent.
With a foreclosure home, the bank doesn't have to disclose anything about the property.
I am a Board member of my HOA and I can tell you most only go up a minimally each year and should not result in 100's of dollars more. The realtor can find out the dues at any time and should absolutley have done their due diligence to get an accurate amount.
I am a Board member of my HOA and I can tell you most only go up a minimally each year and should not result in 100's of dollars more. The realtor can find out the dues at any time and should absolutley have done their due diligence to get an accurate amount.
Well, now, we really have not much in the way of detail to discuss, but I think your post ignores some possibilities.
"Absolutely" is a very absolute term.
So, did you mean to say that HOA boards never raise dues significantly with majority vote of the members to cover capital assessments?
Whoops... "Never" is a very absolute term, also.
At least the OP mentions that it could have been an "innocent mistake." It could have been. At some point the agent has to go by what they are told. Dues are not recorded public information that can be verified at the courthouse.
That mistake can easily happen when there are two Owners' Associations assessing dues, as in many PUDs.
I get calls from attorneys and paralegals whom I do not know who are trying to close other folks' deals when the attorney has no idea and no leads as to who the HOA treasurer is, the treasurer has quit, or left town, and the dues go to a P.O. Box.
It can amount to a minor pain in the tush or a lightweight nightmare.
Without more detail regarding the OP's situation, it is a little rash to say that anyone "can find out the dues at any time."
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