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hoa: The Slippery Slope of FHA Condo Approval - 02/16/11 01:14 PM
Oh what a slippery slope we climb when trying to list and purchase a condominium.
FHA has tightened the thumb screws on condominium purchases.
The reason for this is they don't want to loan on condos where the homeowner's association (HOA) is unable to pays bills (i.e. maintain the common areas) due to too many vacancies or current homeowners behind paying monthly dues.
So what's the big deal? A lot of perspective buyers of a condominium will be using an FHA loan to purchase (decent rates and low down requirements). That leaves all-cash buyers and there are not that many running around wanting to … (1 comments)
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hoa: What is the best way for buyers to sign off on HOA docs? - 10/14/09 07:39 PM
Updated information on HOA docs.
Spoke with CAR legal hotline today regarding the best way to protect sellers from being liable for missing information in the HOA docs.
The seller's responsibility is to ensure copies of HOA docs are delivered to the buyer in an orderly fashion. If a seller authorizes an escrow officer or listing agent to order the documents, he is still fulfilling his obligation to provide the documents.
Interesting-- the HOA Information Request form was primarily created by CAR to provide a formal way of requesting docs rather than just typing up a letter.
Here is the tricky … (0 comments)
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hoa: HOA Holds Transaction Hostage! - 10/01/08 04:42 PM
Whaaattt? It's true folks! I'm working on an REO representing the buyer. The seller's agent requested the escrow officer order the HOA docs after we had an accepted contract. After 3 days of no communication from the HOA, the officer was informed that docs would not be released until after the property had an inspection performed by the HOA.
Oh, course the inspector happened to be going on vacation and wouldn't be returning until 2 days prior to our closing date!
What can we do? Absolutely nothing, in my opinion! What should have been done? At the time of the … (6 comments)
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Diana Turnbloom
Martinez,
CA
More about me…
Escrowcoord.com
Office Phone: (925) 305-9625
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