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Buyers do have a choice and a voice in many places, but remember that some communities are requiring that all new communities be HOA communities, because they like passing off their responsibilities to the HOA. As this has been going on for some time, it does make the idea of "choice" a little more questionable.
I have more and more buyers telling me "anywhere but in an HOA community" these days. Now they just have to convince their city councils, planning departments, etc., to give them what they want. You're right, the developers will listen to their bottom line if buyers stop buying in those communities.
Using a bomb, though, indicates something more than just a dislike of HOA's.
There are cities where it is mandated that each development have an HOA?
Using a bomb, though, indicates something more than just a dislike of HOA's.
Yeah, anyone smart enough to build an explosive strong enough to blow up a brick mailbox shouldn't be dumb enough to live in an HOA. Must have been an outside job.
There are cities where it is mandated that each development have an HOA?
Yes, more or less.
In NC, planned community developers must create an entity or designate an individual to manage common areas in subdivisions of more than 20 homes. "Common area" may be as small as an entry sign on a separate plot owned by the association. Stormwater BMPs are typically common areas, too.
Since the vast majority of our residential construction since 1999 is in much larger subdivisions, de facto, HOAs are required since then for most developments.
HOA assessments serve various purposes:
1. They let the newcomers finance much of the impact fees that would otherwise be assessed for infrastructure.
2. They allow a neighborhood to keep their "neighborhood amenities," such as pools and playgrounds private, rather than open to the public like tax-supported facilities.
3. The neighborhood can install stylized items like street lights, street signs, trail signs, that a municipality may not want to install or maintain.
Last edited by MikeJaquish; 10-03-2011 at 07:37 AM..
Personally I am a liker of HOA's to maintain the quality/consistency of a neighborhood.
Personally, I am a liker of opt in "neighborhood associations" and opt in "pool club memberships"...
rather than any no option or anything wtfso added into deeds. YMMV
Personally, I am a liker of opt in "neighborhood associations" and opt in "pool club memberships"...
rather than any no option or anything wtfso added into deeds. YMMV
Cannot say I am familiar with, nor have I ever seen an opt in HOA.
I know some HOA's own no amenities but are located where members can opt in on various amenities such as those amenities located at the next door golf club/tennis club/health club, etc. This is quite common but they are not owned nor associated with the HOA.
My HOA has a path/gate through to a next door tennis club for the convienence of us that join the tennis club, but our HOA and the Tennis Club are separate entities.
I even know some HOA's where one is forced to join an ajoining club that the HOA does not own. Typically this came about as the club originally owned the land and sold it for home development with the stipulation that each homeowner must be a member of the club.
If there is an HOA then you can get a copy of the covenants. They are there for your perusal. Read and understand them before you buy. Real estate agents are taught not to answer a question until it is asked. The buyer shows up at the closing and signs the HOA Agreement/Covenants thinking the HOA they knew they were paying into was only to plow the snow, cut the grass, etc. Surprise...surprise...no swing sets...no fences...no clothes lines...no on street parking...etc. allowed.
Last edited by accufitgolf; 10-03-2011 at 02:24 PM..
Real estate agents are taught not to answer a question until it is asked. The buyer shows up at the closing and signs the HOA Agreement/Covenants thinking the HOA they knew they were paying into was only to plow the snow, cut the grass, etc. Surprise...surprise...no swing sets...no fences...no clothes lines...no on street parking...etc. allowed.
This is a case for why we do business the way we do on the West Coast with title companies. They send out a preliminary title report, typically within 10 days of the contract that have the CC&R's with them. Buyers have plenty of time to read the documents pressure free.
Cannot say I am familiar with, nor have I ever seen an opt in HOA.
As far as I know there isn't such.
Which was the point and why I used quote marks to describe what I was referring to.
("neighborhood associations" and "pool club memberships" being an adequate limit)
This is a case for why we do business the way we do on the West Coast with title companies. They send out a preliminary title report, typically within 10 days of the contract that have the CC&R's with them. Buyers have plenty of time to read the documents pressure free.
It is customary for both the buyer and seller to have their own legal representation in real estate transactions in my area.
Being the Treasurer in a self-managed HOA, I am the go-to person for all governing docs. My state gives prospective buyers rights to access just about anything. And yet, 99% of buyers and their attorneys do not ask for anything beyond an occasional Paid in Full letter relative to the seller's assessments.These people buy in and have no clue what they are paying for or the rules.
One listing agent touted our reserves within her listing, proclaiming "no budget problems in this HOA". She has no idea if our impressive reserves are relevant to the cost and timing of restoring and replacing assets.
It's no wonder that I am viewed as the agent with 3 heads when a client of mine expresses serious interest in making an offer on property within an HOA.
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