Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
HOA in default: new buyer fees?
I am purchasing a townhouse that has an HOA. We are less than a week from closing, and the title company just informed us that the HOA is in default (not the seller, but the company itself). Supposedly because of this, all new buyers purchasing in this community must pay a $3,000 "new buyer contribution" fee! I completed the association application and was approved 2 months ago, and no one ever mentioned this until now. Has anyone ever heard of this??
Re: HOA in default: new buyer fees?
Do.not.buy.there.
DH and I lived in a condo complex that essentially went broke because fees had been kept artificially low since the 1970s. Then they (we, really, because once you move in you become a member of the HOA) had to start levying assessments. When people couldn't pay the assessments, the HOA would put a lien against their properties to try to get them to pay. Then eventually they'd get foreclosed on. That meant that not only did our property values drop, but now there were fewer people to pay for everything that needed to be paid for so now we had to pay larger assessments. Rinse and repeat.
To say we were lucky to be able to get out with our shirts is an understatement. It took draining our savings account in order to be able to sell.
This is what I was trying to get to. You at least found this out before you closed. I would take this as a sign and walk away. You are only out about $1k at this point between inpection and appraisal, that is next to nothing compared to what you could be out in assessments and lost property value when places foreclose.
I would fight to recoup some of the money. I'm not sure how much you'd be able to get, but as the conditions of the property changed since you signed your contract I would imagine you'd have some recourse to try and get prepaids back, like earnest money.
Even if you are out $5k at this point you will still be money ahead in the long run, believe me!
What were the expensive "bumps in the road"?
I would not buy there.
What did your contract say about HOA fees? Was this disclosed in the contract? Was there a transfer fee listed?
? ?????????! Z!
BFP #1 EDD 12/14/12, C/P 4/9
dx: DOR
Clomid + trigger + IUI #2
Everyone welcome.
Sorry, I should have read all the responses before replying. Think it over, but recognize that this could end up costing you far more than what you've already paid, even if you can't recoup it. And like others said, it could be almost impossible for you to to find a buyer so you might not be able to find a buyer when you do want out. And ditto why you haven't heard of this before, they were hoping it would be too late for you to walk away.
? ?????????! Z!
BFP #1 EDD 12/14/12, C/P 4/9
dx: DOR
Clomid + trigger + IUI #2
Everyone welcome.
I would think this had to be in the contract of sale! If you accepted it prior to them telling of it, you shouldnt have to pay it.
Personally, I'd never buy anything that had a HOA. I woudlnt want to be dependant on others being responsible!
Buy in fees are very common, but I've never seen one that expensive. Around here $150 to $250 is very common.
It sounds like you may have already made this decision, but run for the hills. This fee is only the very beginning of what you'll have to pay them.