BB5 (Missouri)
Posts: 145
Posts: 145
Posted:
Should a buyer expect to see that there is a HOA in the appraisal doc.'s ?
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JanetB2 (Colorado)
Posts: 4,219
Posts: 4,219
Posted:
Hi BB:
Not generally required or noted in the "appraisal", but should be noted in the purchase contract and closing documents.
Not generally required or noted in the "appraisal", but should be noted in the purchase contract and closing documents.
SusanW1 (Michigan)
Posts: 5,202
Posts: 5,202
Posted:
Many times its listed in the sales page from the realtor.
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
CC&R's are considered PUBLIC documents and the only requirement is for YOU the potential buyer to do the reseach. They are stored at your local courthouse in the records department.
This isn't to say your mortgage company, closing attorney, seller, or realtor can't tell you about the HOA. It just isn't their resonsibility to provide you those documents. It would be more of a "courtesy" for the seller to provide a copy IF they have them. Keep in mind you are NOT a HOA member until your the actual owner. So any information the HOA may give you is a courtesy as well. Don't expect them to tell you their financials.
Appraisors don't care if it's in a HOA or not. It's more of a note not part of the evaluation.
This isn't to say your mortgage company, closing attorney, seller, or realtor can't tell you about the HOA. It just isn't their resonsibility to provide you those documents. It would be more of a "courtesy" for the seller to provide a copy IF they have them. Keep in mind you are NOT a HOA member until your the actual owner. So any information the HOA may give you is a courtesy as well. Don't expect them to tell you their financials.
Appraisors don't care if it's in a HOA or not. It's more of a note not part of the evaluation.
Former HOA President
BB5 (Missouri)
Posts: 145
Posts: 145
Posted:
We did not use a realtor the appraiser did mention it was a community well and the house is NEXT DOOR to the then PRES. these are just questions/comments
find it a little amuseing when the HOA wants something they bully/push/shove when a homeowner has an issue it's ALL THEIR FAULT for not reading doc.'s that were never furnished, going to court house to look for who knows what and believing that all info was presented at closing... Just saying.
find it a little amuseing when the HOA wants something they bully/push/shove when a homeowner has an issue it's ALL THEIR FAULT for not reading doc.'s that were never furnished, going to court house to look for who knows what and believing that all info was presented at closing... Just saying.
TimB4 (Tennessee)
Posts: 21,062
Posts: 21,062
Posted:
BB5,
The Association would be identified within the deed restrictions. Deed restrictions should be discovered during the title search (usually done by the closing company or the title insurance company). Therefore it's possible that a new owner isn't aware of an Association until closing. It should be disclosed by the seller up front. Unfortunately, that isn't always the case.
States have different laws on what is required to be disclosed (by the seller) about the Association. Most require a copy of the governing documents be given. Some also require copies of minutes. A few only require that the buyer be informed that an Association exists (and nothing else).
Therefore, it's really up to the buyer or the buyers realtor to ask for documents they want to review. I've discovered it's usually the first time homeowners or the first time members of an Association that just didn't have the knowledge to know what to ask for (which can lead to issues with the Association later on).
The Association would be identified within the deed restrictions. Deed restrictions should be discovered during the title search (usually done by the closing company or the title insurance company). Therefore it's possible that a new owner isn't aware of an Association until closing. It should be disclosed by the seller up front. Unfortunately, that isn't always the case.
States have different laws on what is required to be disclosed (by the seller) about the Association. Most require a copy of the governing documents be given. Some also require copies of minutes. A few only require that the buyer be informed that an Association exists (and nothing else).
Therefore, it's really up to the buyer or the buyers realtor to ask for documents they want to review. I've discovered it's usually the first time homeowners or the first time members of an Association that just didn't have the knowledge to know what to ask for (which can lead to issues with the Association later on).
FredS7 (Arizona)
Posts: 927
Posts: 927
Posted:
Some states require that you acknowledge that you have been informed that there is an HOA and that you have either received and reviewed the documents or that you waive your right to do so. Other states may have no such requirement.
In AZ this is part of the purchase process but has nothing to do with the appraisal.
In AZ this is part of the purchase process but has nothing to do with the appraisal.
TimB4 (Tennessee)
Posts: 21,062
Posts: 21,062
Posted:
BB,
Why the question?
Why the question?
LarryB13 (Arizona)
Posts: 4,099
Posts: 4,099
Posted:
I can usually spot an HOA from miles away. When I see a lot of bland, look-alike, homes on little tiny lots next to substandard streets I know I am looking at an HOA.
SusanW1 (Michigan)
Posts: 5,202
Posts: 5,202
Posted:
Yes, but that's the obvious. You'd never know we have an HOA, our own water system, beach, roads and community center unless it was disclosed as we look like a regular community subdivision.
We have shut off the water at empty houses that are up for sale by bank or owners who are behind in dues.
That usually gets someone's attention.
We have shut off the water at empty houses that are up for sale by bank or owners who are behind in dues.
That usually gets someone's attention.
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