When mortgage rates move a quarter percent in any direction, that is a big deal. But waiting in the background are fees for homeowners associations or HOA dues. It’s advised to never ever overlook them. HOA dues are an expense that can sink many loan applications and can create some personal financial isssues. This is very true for first-time home buyers and those with marginal finances.
Are HOA Dues Making Real Estate Unaffordable?
With HOAs, the situation is not so simple. Some 68 million people live in communities governed by homeowner associations, a form of community government created by developers as they build-out their projects. Designed to help manage anywhere from a few homes to thousands of properties, HOA dues and… Read more at The Mortgage Reports
A couple of hundred dollars in a transaction typically dealing with hundreds of thousands of dollars might not seem like a big deal. But for Stan Hrincevich, a resident of Highlands Ranch, the scenario is an injustice that bilks Colorado homeowners out of millions of dollars.
Highlands Ranch resident crusading against HOA transfer fees
You are about to sell your house in a local planned community. All the paperwork is ready. You notice a single line item charging you $350, labeled as a transfer fee for “unreimbursed expenses” incurred — usually by your homeowners association’s property management company — during the transfer of the home to a new owner. You don’t get a receipt and you cannot finalize sale of your home if you don’t pay it… Read more at The Denver Post
Credit Reporting HOA Dues “A Better Way”: How to Safely Credit Report HOA Dues.
Some firms offer to report HOA dues as a monthly trade line; which is how credit card payments are reported. So you’d have to report every homeowner, every month — whether they pay their dues on time, or not. Reporting every homeowner, every month, can be a great burden on your Board… Watch here