Author Topic: HOA documents during escrow  (Read 543 times)

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Offline anteaterscientist

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HOA documents during escrow
« on: September 24, 2021, 11:16:48 PM »
There is probably another thread on bad HOAs

Currently reading HOA documents and trying to read them carefully.

Also curious what the online reviews had to say about the association, yikes.


Offline woodburyowner

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Re: HOA documents during escrow
« Reply #1 on: September 25, 2021, 05:50:17 PM »
There are 2 parts to an "HOA"- the property management company and the residents who are on the board.  Both can make a HUGE difference in your daily life as a resident.

Offline anteaterscientist

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Re: HOA documents during escrow
« Reply #2 on: September 25, 2021, 07:23:56 PM »
HOA documents:
reserves are low (may lead to special assessments), a recent litigation against HOA, not approved for FHA loans, meeting minutes where several units have significant balances to association, -- still need to read more

My online readings:
Several unhappy residents over recent years - vendors used, poor property maintenance, lack of security, overall decline in condition.
I really wish I can read their nextdoor posts.

Property won't be my primary residence, but my money is.

I'm trying to see if they (board members) with the right management company are going to get this place turned around.
 

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Re: HOA documents during escrow
« Reply #3 on: September 25, 2021, 07:25:24 PM »
Is the home that you are looking at an attached condo?
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Offline woodburyowner

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Re: HOA documents during escrow
« Reply #4 on: September 25, 2021, 07:44:04 PM »
I'm trying to see if they (board members) with the right management company are going to get this place turned around.

Of course the right management company and board can turn things around.  The problem is that this will never happen. It's a lot of work to change management companies and even harder to get a good group of board members.

Offline anteaterscientist

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Re: HOA documents during escrow
« Reply #5 on: September 25, 2021, 07:47:07 PM »
Is the home that you are looking at an attached condo?

Yup

Offline anteaterscientist

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Re: HOA documents during escrow
« Reply #6 on: September 25, 2021, 07:50:28 PM »
I'm trying to see if they (board members) with the right management company are going to get this place turned around.

Of course the right management company and board can turn things around.  The problem is that this will never happen. It's a lot of work to change management companies and even harder to get a good group of board members.

Really? Where I am currently at, we've cycled through two management companies and on our third one... been here for less than 10 years.

Offline anteaterscientist

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Re: HOA documents during escrow
« Reply #7 on: September 26, 2021, 06:38:58 PM »
More online findings: a youtube channel on the bad condition of the community, with a dedicated gmail account.

Interesting with current residents creating negative reviews and posts, they don't think it'll have repercussions and scare off buyers? Especially when they declare they will be happy when they sell their place.

I guess this is the price to pay when looking for something affordable outside of Irvine.

Offline woodburyowner

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Re: HOA documents during escrow
« Reply #8 on: September 26, 2021, 08:27:30 PM »
I'm trying to see if they (board members) with the right management company are going to get this place turned around.

Of course the right management company and board can turn things around.  The problem is that this will never happen. It's a lot of work to change management companies and even harder to get a good group of board members.

Really? Where I am currently at, we've cycled through two management companies and on our third one... been here for less than 10 years.


This means there is a bad/incompetent HOA board in place.  There should be clear expectations given to a potential new management company with other associations they currently manage verified. 

 

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