May 29th, 2014
Costs of homes are slowly inching up, and the interest rates for mortgages are slowly inching down. Today we’ll look at questions for a potential real estate agent, and what you should know about homeowner associations when buying a home.
When you’re ready to buy a home, you generally will want the services of a licensed real estate professional. Often you’ll get numerous recommendations. Before you choose one, ask them all a series of questions to gauge how well they compare and who is going to be best for your situation.
So if you’re a buyer, you’re wondering why you would ask question number 5, right? Well, often, buyers don’t pay costs associated with the sale of a home. It will help you to understand how much it may cost you when you decide to sell the home. Also look into detailed closing cost estimates.
HOA stands for Homeowners Association. There are rules and regulations with a governing body when you buy into a common interest development. You’re not just buying your house; you’re buying into a larger entity that typically owns the building structure, the roof, the parking garage, the clubhouse, the pools, security guards at the gates, etc.
You need to read carefully what you’re signing into when you buy into a development like this. Work with the real estate agents and HOA to get a copy of the documents sooner rather than later. Often, buyers don’t receive them until late in the escrow process, and don’t have enough time to really review the implications.
Engage a lawyer if you have questions. And use the internet to see if there are any complaints.