Anyone know anything about Vintage Grand at Palmer Ranch? Good area?

[SoFLGal]

Originally Posted by davery5872

The listing agent pays the HOA fees? Really? I have never heard of that. Why would an agent want to list a property in which they have to pay hundreds of dollars in back fees and assessments? When is the listing agent reimbursed from the bank? At the sale? You learn something everyday.

That's correct the list agent pays the HOA fees and is reimbursed by the bank. We also pay for the rekeys, trash out, pool cleaning, repairs, etc and we wait for reimbursement. That often takes 6-8 weeks or longer. Sometimes these fees can be several thousand dollars. All of the electric bills and water bills for the foreclosures are in our name. Occasionally the bank will have their own property preservation company who picks up the expenses but that's not the norm. We just picked up a tab of over $7k for a listing that we just got in Palmer Ranch. As soon as we acquire the listing we must make sure all bills and dues are up to date. You do this or you don't work for the banks. Usually the Realtor will list many properties for the same bank so I guess we feel it's a trade off and not all properties have HOA's.

[davery5872]

Originally Posted by SoFLGal

That's correct the list agent pays the HOA fees and is reimbursed by the bank. We also pay for the rekeys, trash out, pool cleaning, repairs, etc and we wait for reimbursement. That often takes 6-8 weeks or longer. Sometimes these fees can be several thousand dollars. All of the electric bills and water bills for the foreclosures are in our name. Occasionally the bank will have their own property preservation company who picks up the expenses but that's not the norm. We just picked up a tab of over $7k for a listing that we just got in Palmer Ranch. As soon as we acquire the listing we must make sure all bills and dues are up to date. You do this or you don't work for the banks. Usually the Realtor will list many properties for the same bank so I guess we feel it's a trade off and not all properties have HOA's.

I put in an offer a couple of years ago for an REO. We were told by the HOA that there was several thousand dollars in back fees and assessments that were due. Of course the bank said they would pay this at closing. But it had not been paid at that point. Is this something new the banks are expecting from the realtors? Also, if the bank has held the property for a couple of years, is the listing agent reqiured to pay all back HOA fees and assessments?

[SoFLGal]

Originally Posted by davery5872

I put in an offer a couple of years ago for an REO. We were told by the HOA that there was several thousand dollars in back fees and assessments that were due. Of course the bank said they would pay this at closing. But it had not been paid at that point. Is this something new the banks are expecting from the realtors? Also, if the bank has held the property for a couple of years, is the listing agent reqiured to pay all back HOA fees and assessments?

There are some exceptions to the rule but in general the list agent is expected to pay the tab and get reimbursed. We've been listing bank owned properties for several years and it's always been that way. Yes, all HOA dues, assessments, liens, electric bills, water bills, code violations, etc must be made current when we accept the listing. Sometimes it's a chore trying to figure out who is in charge of the HOA are where the money goes. Often it's an attorney's office that is the intermediary.

There are many foreclosure agents that hold upwards of 30+ listings at any one time.

[mayvilla]

Vintage Grand is in Palmer Ranch i.e reputable master plan in Sarasota. It is very close to the Westfield Mall which is only 2 minutes' drive. Vintage Grand is in very good school district : Gulf Gate Elementary, Sarasota Middle and Riverview High.

Vintage Grand was built in 1989, then got converted from apartment to condo in 2005. The complex was sought after due to the proximity to Siesta Key and to Sarasota downtown, the lake, its ammenities. The club house was used as a sales office until April 2013 when all units were sold out.
Starting 2009's economy breakdown, there were some foreclosures and short sales, developer remodeled many units and sells to local people and also to investors abroad. There was a group called Florida Home Finders in Canada who brought Canadians interested in buying these condo for self-use or for annual lease.

This complex is practical with spacious 1, 2 and 3 bedrooms condo, some with nice lake views - which are higher in price. Roof is tiled and makes the complex colourful and looks pleasant. Vintage Grand's condo price is more affordable than other well-sought after complexes such as Serenade at Palmer Ranch, which you have to pay over $100,000 for a similar 2 bedrooms with 2 full baths.

As for class of residents, you cannot compare to prestegeous complexes such as Gardens at Palm-Aire or Woodland Green Condo where professionals, retirees live and seldom comes out for sale.

Vintage Grand has onsite property manager with maintenance staff.

The complex is not gated but according to property manager there is no problem arising from that.

I suggest you to contact the property manager to find out how well he/she has been authorized by the Condo Board to enforce rules in the complex so that residents will either be warned first and fined if there is any rule violation. What we find is that if property management is on top of issues and enforce rules, bad tenants and owners will leave and leaving behind only good tenants and owners who appreciate reasonable enforcement to make the complex better, safer and in order.