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HOA Companies

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Rob Benton

Thread Starter
Freshman Member
Joined
Jan 4, 2006
Professional Status
Certified Residential Appraiser
State
Colorado
Working on a condo and trying to get HOA information. Found the HOA website and had to order a report for the condo association as well as the master association at the tune of $38 each and when I ent to checkout it said it could take 3 - 10 days to recieve information. To get a faster response is $60 each. Recieved reports and they are very incomplete. Did not give number of units owner occupied, HOA dues, what those dues cover, common ammenities, parking spaces, etc... Is this something that the rest of you are experiencing? Seems to me that the homeowner is paying dues for the management of the property. I should be able to get a hold of a warm body free of charge so that I can do a complete and thorough appraisal so that the homeowner can either get the propety refinanced or sold which ever the case maybe free of charge.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Working on a condo and trying to get HOA information. Found the HOA website and had to order a report for the condo association as well as the master association at the tune of $38 each and when I ent to checkout it said it could take 3 - 10 days to recieve information. To get a faster response is $60 each. Recieved reports and they are very incomplete. Did not give number of units owner occupied, HOA dues, what those dues cover, common ammenities, parking spaces, etc... Is this something that the rest of you are experiencing? Seems to me that the homeowner is paying dues for the management of the property. I should be able to get a hold of a warm body free of charge so that I can do a complete and thorough appraisal so that the homeowner can either get the propety refinanced or sold which ever the case maybe free of charge.

Rob,

I tell the lender that, to complete the appraisal in the way fannie Mae intended that they will need to supply me with this information. It is not the appraisers responsibility to pay for such information. If I am doing a VA, there is a clear statement in the VA Handbook that requires the lender to supply this. What I ask for at a minimum is a copy of the current budget. Then I will send the client a blank form with the areas circled that I can only get from them or the lender. Have you also tried the on line condocerts,com for condos?


This is a growing problem as most HOA's are now managed by these companies.
 

Charley Horse

Junior Member
Joined
Aug 28, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
... is there a way to connect w/someone on the board? It sounds as though this HOA may be managed by a third party, that's why all the fees for condo documents... if so, if you could bypass and connect w/board member, you many get information you need in timely manner.

Personally, I've sat on two condo boards and every HOA appears to have a different mindset/attitude... some good, some bad... just depends... sometimes you just have to be a little creative.

If it's a sale versus refi, put the monkey on the Realtor's back... tell them you can't complete the report until you have this information, you'd be suprised at how cooperative they can get in a hurry to get their commision check sooner :)
 
Last edited:

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
I wish I could access the condocerts.com website. In this area, Towne Management (the largest management company) uses them, but when they set up their account they didn't include Appraisers so we cannot get the information. Now, I haven't checked in a couple months but I doubt if it has changed.
 

Jill Kinnaird

Junior Member
Joined
Oct 6, 2005
Professional Status
Certified General Appraiser
State
Ohio
Condocerts.com and Towne haven't changed. Even if purchased, the data from condocerts does not include the data needed for the form. We also try contacting individual offices and usually have the same problem. Once agents find out the HOA/Mgt Co is charging for the data they refuse to cooperate even when we request they have their homeowner obtain the data. Lenders don't like to see explanations outlining the attempts made via phone calls, emails, faxes, on line search, etc.... that resulted in no useful data but they won't insist the homeowner obtain it either. Its a vicious cycle!
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I call the HOA and when they tell me I need to purchase a questionaire I just say, "Oh no, I'm not the lender, I don't need anything in writing, I'm just an appraiser and I have to get only a few questions like # of units rented, if you even know, how many units there are, parking spaces...you know, basic stuff and not all that much."

That is all it takes. I've never had anyone refuse after my little pitch.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I call the HOA and when they tell me I need to purchase a questionaire I just say, "Oh no, I'm not the lender, I don't need anything in writing, I'm just an appraiser and I have to get only a few questions like # of units rented, if you even know, how many units there are, parking spaces...you know, basic stuff and not all that much."

That is all it takes. I've never had anyone refuse after my little pitch.


I have and do hear it, all the time.
 

Lee in L.A.

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I have and do hear it, all the time.
Me too. Then I make it subject to verification of the info, yadda. Lender needs to provide that info. :shrug:
 

GCJim

Senior Member
Joined
Dec 11, 2007
Professional Status
Certified General Appraiser
State
New Jersey
Working on a condo and trying to get HOA information. Found the HOA website and had to order a report for the condo association as well as the master association at the tune of $38 each and when I ent to checkout it said it could take 3 - 10 days to recieve information. To get a faster response is $60 each.

This has happened to me many times in the past, and just recently on a newer condo development. The Management Company attempted to extort $125.00 from me for the pertinent condo docs / budget / questionaire OR $150.00 for 1-day turnaround. I asked the homeowner (seller) to supply the docs, who should be entitled to a copy. The management company CHARGED the homeowner the full $125.00 fee!!!

Morale of the story: Ask the lender or homeowner IN ADVANCE to supply these and you shouldn't have any surprises.
 

James Sturm

Member
Joined
Jan 4, 2005
Professional Status
Certified Residential Appraiser
State
Arizona
I have also run across this issue. It's B**st. They want a fee from the appraiser and also the bank??? When this issue comes up, I usually call the bank and they will either obtain the information or they will increase my fee to cover the expense. I am a board member where I live. If an appraisal managment company tried this, they would no longer be our association management company. I have tried complaining to the state of Illinois, however, the state tells me they have no juristiction over management company's. I know of one very large condominum management company that was doing this in the past. Something must have happened because they no longer charge a fee to appraisers.

HO's and buyers should complain to the state authorities about this situation of being charged twice for the same information and maybe the state will acquire jurisdiction over management companies just like mortgage brokers, realtors and appraiser's. I believe if enough people complain to a particular state, the state had no alternative but to investigate.
 
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