Watch out for HOA Documents! - Weekly Real Estate Market Update
Author: Dan PoliminoI'm Dan Polimino with coloradodreamhouse.com in this week's market update for the week of July 12. I hope everyone had a great 4th of July. All right, this week's message is for buyers mostly. I'm talking about HOA documents or CIC documents as they're sometimes referred to.
A lot of these HOAs are in serious financial trouble. And yes, you guess, it's because of the economy. When there are short sales, when there are foreclosures, when people have not paid their HOA dues, and HOA management company can get in financial trouble. There could be serious budget shortfalls. So you must make sure that you check this out closely.
A lot of times when the title companies are sending on their HOA docs or CIC docs, there is no information about a special assessment that is being passed down to current homeowners or there's no information about HOA dues that have been increased to make up for the shortfall. The reason why there's no information is because generally, this happens in the course of a meeting. And I usually ask for the last six months of meeting notes from the HOA, but they don't have them because they're not having meetings. Why are they not having meetings? It's very simple. There are not enough people to attend the meetings. So there's no notes, no information on this. What should you do? Absolutely, get on the phone with the HOA management company. Find the person in charge and ask them to send you over any information, even if it's an e-mail about a special assessment rate hike or anything that's going on. Or, ask them to send you the HOA budget so you can see if they are in the red or in the black.
All right, if you have any questions about buying or selling a home, you can reach me at coloradodreamhouse.com.
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About the AuthorDan is a premier internet marketing and online real estate marketing expert. In fact, he works as a consultant and teaches other real estate agents about using the latest technology for real estate business. Dan also speaks professionally to companies such as ReMax, Sotheby's, and Hilton on Internet marketing.
A member of the Denver Board of REALTORS, he has bought and sold Denver real estate - for his clients and himself - for more than 12 years. Dan produces a well-known Colorado real estate blog and writes a regular column for The Denver Post.
His professional sales and marketing experience spans 26 years in Denver, New York and Florida. Dan holds a BS degree in Broadcast Journalism and Psychology from Syracuse University. He is married and has two children. Fitness and health, running, skiing, and golf are his favorite hobbies.
Working with Dan Polimino and his Colorado real estate team affords clients an unparalleled experience. He limits his client roster to small groups of buyers and sellers at any given time so that each client gets his undivided attention. Known as a "bulldog" during negotiations, Dan makes it a priority to get his clients what they want. Plus, he goes the extra mile to create opportunities through strategic networking, online marketing, and innovative ideas to connect buyers and sellers.