WHAT DOES ONE DO WHEN A LETTER COMES FROM THE HOA?
I just received my first HOA letter in the mail the other day. I had to read it three tiems to understand that they were asking me to fix.
HOA MEANS: HOME OWNERS ASSOCIATION. It is governed by people within the same subdivision that are elected by the home owners for a period time. Everyone is encourage to attend a monthly/quarterly meeting to keep up to date with changes or to voice your opinions.
Did I mention that the people who serve on the HOA committee do not get PAID?
A person is either FOR or AGAINST owning a home in a HOA when searching for a home. This is one of the questions I ask when discussing home options with my buyer.
TOP 3 REASONS TO BUY INTO A HOA COMMUNITY
- Maintain consistency within the subdivision
- Front yard maintenance included in the fee
- Attend regular held meetings to keep up to date with changes
The NUMBER 1 REASONwhy people do not like HOAs because they do not like being told what they can or cannot do with their home. Many people want to skip this part of home ownership.
All buyers receive a copy of the HOAs CC&Rs(Covenants, Conditions and Restrictions). I heavily advise all buyers to read over this document during the inspection period. The buyer is saying that they agree with them when closing on the home. If there is any concern, then now is the time to cancel the contract. Also, I recommend to the buyer to obtain a copy of their financial statements to see if the HOA is in good standings. That is important to know.
Finally, I have complied with the letter. I faxed over the letter to the property manager stating that the request has been completed. Thank you for doing a fine job.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.