A recent blog by Anna "Banana" Kruchten, Phoenix Property Shoppe (Phoenix, AZ) regarding a challenging condominium transaction she had pending, prompted quite a conversation on the ActiveRain website and Facebook too.


A recent blog by Anna "Banana" Kruchten, Phoenix Property Shoppe (Phoenix, AZ) regarding a challenging condominium transaction she had pending, prompted quite a conversation on the ActiveRain website and Facebook too.
Well said. I have fielded condo questions recently too. The financial health of some complexes leaves a lot to be desired. Prospective buyers should educate themselves about the positives and negatives of condo living and the downstream risks. Don't fall in love with a unit until you know all the facts about the association. Also, some complexes have both a master association and a condo association which both charges fees so be certain about all the monthly, quarterly costs before you sign a purchase contract.
Amen, Randy. So much to know ... and you prove my point about why it's so important to work with a professional that knows and understands these things. It can make all the difference in the world to the success of the transaction ... and to your wallet ...
Glad to meet you! Will be watching for your posts ...
Gene
Gene we've had condo issues previously and we've always found a way to make them work. The lenders involved were part of the solution which makes a huge difference. The one involved in my current transaction simply doesn't communicate. I learn more from title agent than the lender or the buyers agent. When I was on the buyers side on previous condo sales we did everything we could for our clients to get the units closed. And yes it's 'dicey' to say the least in our market and condo conversions and hoa's and there is always something that comes up.
Anna: You prove my point perfectly. The professional you choose to work with ... in any capacity ... makes a world of difference. I'm glad to hear that you have at least SOMEONE that is communicating with you ... the title agent and buyer's agent, in this case. Something is better than nothing. Hopefully this comes to a successful resolution for you. Please keep me informed ... best of luck ...
Gene
Anna: Got to admit, I just don't get NOT being a team player. Especially these days when ... to borrow Hillary Clinton's tagline ... "it takes a village" ... or TEAM, in so many instances. The closing ... and every professional's paycheck depends on this being a successful transaction ... so why oh why would anyone NOT play nice?? Again, it boggles my mind and I don't get it. I'm keeping my fingers crossed for you and your client ...
Gene
With so many affordable single-family home options in Franklin TN, I discourage condo purchases. Primarily due to the high association fees. I tell buyers those additional funds are better put towards a single-family home purchase rather than condo fees. It appears they avoid a whole lot of headaches as well.
As the expert in your area Tammie, you give advice as you see it. I would think your buyers would greatly appreciate it. I know I respect it. It's exactly what they are working with you for .. your experienced advice! Condos can be so tricky. The Association and area it is located in determines so much. For those that do their homework and it's a good fit for lifestyle, okay. But that homework is so very crucial ... and they need to rely on experts such as yourself for quality, reliable info ...
Gene
Gene, Home Owners Associations are coming under more scrutiny now. We just provided space in our office for a local consumer advocate to speak and answer questions about HOA's and providing tons of info that buyers need to know. Of course we had a local attorney on board as well to clarify and answer question about CCR's and anything out side the realm of the lay person. Great post. Suggested.
I love the fact that you are taking steps to educate local buyers regarding condo purchases and HOA's. Absolutely the best .. and right thing to do on this topic. Condos are tough. Potential buyers need to know that and be prepared. Really give this the thumbs-up ...
Gene
I actually have to comment on two points on this very impressive blog post. First, as simple as this sounds I do know that formatting and appearance take time and you've published a very readable, well-presented blog that manages to share a lot of information without being overwhelming. Second, well, you've shared a lot of valuable information that is useful to others. Kudos to you on both fronts.
Thank you much, Mark. Your comment is very appreciated. Sometimes presenting mortgage info is tricky, as there is such a wide variance of knowledge between professionals reading it ... and consumer. I'm glad you approved of the post ..
Gabe: Condos are ... challenging transactions way too often, no matter their location. It's best to be educated to the process prior to entering it. And even then, you best choose your professionals wisely. I appreciate your thumbs-up!
Gene