Opinion wanted on Condo Certs

[STEVE COOPER]

Just wanted to see how everyone else out there handles the HOA info when the management company won't supply the info for free. Just got off the phone with a company that won't give out any info over the phone (# of units, occupancy rate, litigation, etc.) and you must order the condo info from their website at a price. So what do you do? I am asking the lender now for a condo cert but a lot of times they don't have it either. I really don't want to pay anything out of pocket even if I am to re-imbursed later.

 

[RSW]

I have the lender provide it if I can't get it for free. There are some on this forum that say they would pay for it. Not me!

 

[Lee Lansford]

I was going to answer your concern until I read your last sentence.

Ordinarily, if the client-lender doesn't have the information for me, and no other party to the transaction has the information, I pay (usually $25-$50) and am reimbursed by the client (of course, such is OK'd by the client).

 

[Edward OConor]

I call the homeowner and let them know that they need to pay the Management fee so that they will release the information that I need to complete the report. I tell them to call me after the fee is paid so that I can fax/email my request for information.

Lee: I hope that you are including a "handling" charge for cutting a check for the information. My unpublished handling charge equals the amount that the Management agent charges.

 

[Thomas Fiehler]

My lenders supply it unless I can obtain it for free.

 

[claireryder]

I always ask the lender first. If the don't have it, I try getting it for free. I also try condocerts.com. I will NEVER EVER pay for it. I did one last week and the lender said they didn't have the cert. I had NO way of getting the information so I noted this in my appraisal.

I think this is crucial information in the appraisal because of the rental percentage. A lender almost always has to order one. I have noticed when they know I won't finish the appraisal til I get it they always manage to get it quicker

 

[Mike Boyd]

The owners are provided a set when they buy and get updates as changes occur. I get them from the owner. Title company MAY have them but the docs will not have any info on tenant ratios.

When a managment company tells me I have to PAY, I tell them that I will not pay but will report them to HUD. This gets some of them moving. Also, some projects have both an HOA and a separate managment company. I get the name of the President of the HOA and his/her phone number from the borrower or owner. I have never paid.

 

[Walter Kirk]

I have never paid for HOA or condo data and never will. The client is required to provide this info. If I can't get it for free from the management and the client refuses to provide it I simply note that the information was not made avaliable to the appraiser.

 

[Ariba]

This is what I recently encountered.

Condominium & PUD questionnaires, Governing Documents, Minutes, Financials, etc. can be obtained from our office. Insurance certificates are also available. Please contact Maximum Property Management at (303)369-0800 ext 0 to order your documents according to the following fees:

* HOA/PUD QUESTIONAIRE (Our Form) - $75.00
* HOA/PUD QUESTIONNAIRE (Requester form) - $100.00
* REALTOR DISCLOSURE PACKET A (6mths minutes, current financials, HOA info sheet) - $40.00
* REALTOR DISCLOSURE PACKET B (6mths minutes, current financials, HOA info sheet, Bylaws, Rules & Regulations) - $75.00
* DECLARATIONS (emailed only) - $25.00
* DECLARATIONS (faxed) - $25.00 plus .05 per page
* DECLARATIONS (mailed) - $25.00 plus .05 per page plus cost of mailing
* RULES AND REGULATIONS ONLY - $10.00
* ADDITIONAL MINUTES (per month) - $10.00
* ANNUAL MEETING MINUTES - $10.00
* 2-6 MONTHS MINUTES - $20.00
* CURRENT FINANCIALS ONLY - $20.00
* INSURANCE CERTIFICATE - $10.00

 

[chad hampton]

Lender is to supply the condo cert. If they don't send it with the order, then do the report w/o it. Nothing wrong with putting UNK under # of rental units.