Monday, September 06, 2010

FloriDUH: HOA charging $600 for a mailbox

FloriDUH: HOA charging $600 for a mailbox

Now the association is trying to turn the neglected neighborhood around by charging fees to new buyers lured by low home prices. They think homeowners who didn't pay mortgages or dues for years should not be allowed to just walk away and leave behind an eyesore, reports

The community started charging buyers a $400 transfer fee, then a $225 fee to release liens against the property. There is also a $250 charge to prepare a letter detailing the fees owed. If buyers or sellers opt to do the work themselves, there is a $75 fee for the association to review the work, reports

And $600 for a mailbox.


Anonymous said...

"Eugene Vrooman and his wife were just two days away from closing on a home on a deal they had been working on for two months when the Bridgewater HOA gave them some bad news: If they didn't come up with $14,000 for for cosmetic repairs, the association wouldn't allow his deal to go through. The HOA wanted the money to paint, clean and re-sod the exterior of the house, reports"

Further evidence that so-called home "owners" in HOAs are merely glorified renters, with more responsibilities but less rights.

Anonymous said...

From the "Be Careful Of What You Wish For" Department, a libertarian writes:

"Please tell me where I can live without being involuntarily subjected to taxation and nannystatist government. I would love to live somewhere where the closest thing to a government was a HOA."

Anonymous said...

41*26'02.47"N - 49*33'53.64"W

Don't forget your snorkel.

Anonymous said...

So the HOA adds nothing of value to the property - but can saddle the property with additional financial obligations. Yet there is an entire industry of HOA attorneys and property management companies trying to argue that HOAs preserve property values. Notice there is no mention of "who" value is "preserved" for? They value they are referring to, of course, is your home equity for their benefit.

The board members suggestion that new owners somehow have an duty to pay a greater amount than the assessments that everyone else is obligated to pay is bizarre to say the least.

The HOA that claims to be there to preserve property values yet which has failed to do so seems to be taking the position that the HOA should get a cut of the losses experienced by the owners and lenders. No wonder the feds are recommending avoiding investments in properties burdened with private transfer fees. The HOA in this case is admitting to demanding 10% of the fair market value of the house allegedly for "cosmetic repairs". However, the HOA does not own the house nor is there any obligation for the funds collected to be spent specifically on the house at issue. What a crock. The HOA corporation adds nothing of value, can experience no harm, and yet is saddling others with large financial obligations under the pretext of aesthetics.

Sounds to me like the feds should consider decreasing investment in HOA-burdened property altogether.