Buying a Condo. 3 Ways Condo HOA Fees Can Destroy You

18 Jul    Home Buyer News

How to Win a Fight With Your Condo Association or HOA – Without Going Broke Being cordial and businesslike goes a long way, and it costs a lot less than a lawsuit. Aerial view of a neighborhood with pool (Getty Images)

HOA Dues Can Jeopardize Your Mortgage Approval. If you’re finally ready to buy that first home or a vacation paradise, you probably think you’ve already paid your dues, and deserve the.

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IF you are looking to waste your money, buy a condo, but, be aware that many condo associations do not allow renting for the first year or even two years, and make sure, let me repeat this, MAKE SURE to obtain the latest COMPLETE financial statements from the association accounting office and have the accounting files looked by a good financial.

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Q: What is the condominium board’s responsibility for enforcing our condo homeowners association’s rules/regulations? For example, our association limits the number of dogs to no more than two per.

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HOA Transfer Fee: What Is It and Who Pays?. If you have decided to buy a house or condo that is part of a homeowners association, there are going to be several issues you will have to deal with besides just the typical home buying process.. Are There Any Ways to Avoid an HOA Transfer Fee.

How well you know yourself and your habits is the best way to decide whether a condo could be right for you. Your best source of information is the condo Homeowners’ Association. more than three or.

, Condo Owner, Condo Board member, and Condo blogger. You cannot negotiate your fee to the Association directly. HOA fees are governed by your State’s HOA and/or Condo Act, and set by your bylaws or CC&Rs. They are usually tied to the size of your property or the unit type you have.

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Three Ways an HOA Can Screw Up the Sale of a Condo. You understood, when you bought the condo, that you’d be subject to certain restrictions. But you, like most sellers and their real estate agents, probably aren’t aware about the potential red flags an HOA can cause until the condo has a buyer with a contract to purchase and that buyer can’t get a loan because of the HOA issues.

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