Many people in the Tri-Cities choose to buy their first home in a Homeowners Association (HOA) while others look to downsize by moving into a planned community. Condos, townhouses and patio homes offer an affordable home that is ideal for people who want amenities along with a maintenance-free lifestyle.
For realtors, selling a home in an association requires a little more due diligence than selling a single-family house. An informed buying decision is more than one decision. Multiple issues feed into the overall buying decision, and it’s important to take the time to discuss each of the issues that has the potential to impact the buyer. It’s like peeling back an onion, one layer at a time because they are all connected.
As a realtor selling a home that’s in a community, you need some answers so that your buyers can make an informed decision. Everyone wants to avoid encountering a “gotcha” at closing.. You can accelerate the buying process by getting a few basic answers to share with your buyer(s) to help them get a feel for the community.
What percentage of units is owner-occupied vs. rented?
How much does the HOA keep in a reserve fund?
How much are assessments and what do they cover?
What covenants and restrictions are in place (especially less common restrictions)?
Do grandfather clauses exist for some of the owners? If so, what are they?
Have special assessments been collected recently? If so, why?
Is the association presently involved in litigation?
Are the homes and common areas in good repair?
Is the home you are marketing in compliance with HOA rules?
What is the HOA insurance coverage and the mandated coverage for buyers?
Is the association self-managed or professionally managed?
Add questions you’re asked frequently to this checklist, and you’ll soon have a comprehensive list of questions/answers so you can brief yourself easily and quickly. It’s easy to find the answers that you can count on at our website through Home Wise Docs. Sign up one time, and then you can quickly and easily find condo and homeowner’s association governing documents and covenants.
With a little due diligence, realtors and buyers can work together toward a common goal so the buyer can make an informed decision. Knowing some of the right topics to discuss during the sales process is a big step toward getting the right people in the right home. Happier homeowners translate to happier neighbors and a happier community….and another WIN for you.
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Wise Property Solutions serves condominium and homeowners associations by addressing their financial, association and facilities management needs. The only certified and licensed community association management firm serving the Mountain South (Virginia, North & South Carolina, Tennessee) with offices in the Tri-Cities and Knoxville.