HOA Documents: Are They Worth the Money? | Fox Business: Reviewing all those documents takes significant time, energy and effort. You probably should get your lawyer and accountant involved in this review, too. Critical information can be found in the pages, and if you don’t review them, you may miss an issue that will cause you significant financial pain down the road.
In fact, many smart buyers won’t even consider properties in HOA-governed communities.
So before you spend money on the documents, ask yourself: Am I willing to put in the time necessary for due diligence?
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For most homebuyers, probably not. Homebuyers concentrate on (and fall in love with) the home's feel and features and aren't inclined to want to deal with another layer of legalities.
2 comments:
"In fact, many smart buyers won’t even consider properties in HOA-governed communities"
Breaking News: Smart buyers avoid buying HOA properties.
Little-known fact: Owning HOA property at one point in the past makes people smart in more ways than one. While the person owned the HOA property, the HOA caused them "smart" as in causing pain. Owners discover that all the marketing hype was equivocal or downright fraudulent. They vow to never make that mistake again. Observers consider such buyers to be "smart buyers" (as in intelligent).
Money for HOA documents?
As much as the HOA industry players proclaim HOA-burdened property to be an "investment" and the focus on the HOA corporation as "preserving property values", why shouldn't HOA corporations be forced to provide these documents freely like a prospectus?
The management companies are in the business of trying to have a monopoly on the availability of those documents and that is where the fees are going. Secrecy as a policy is important in order for the management company to make bucks selling the secrets!
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