Hefty Condo Document Fees Questioned By Realtors
Are Chicago condo buyers and sellers being gouged by greedy management firms who jack up the price of mandatory documents and disclosures needed to close a sales transaction? “Many condo management companies now charge prospective buyers and sellers excessive fees of hundreds or thousands of dollars for providing condo documents that should be free for […]
Many Condo & HOA Owners Are ‘Dissatisfied’ With ‘Carefree’ Life
Is it possible that tens of millions of Americans—quietly residing and paying their assessments in condominiums and homeowners associations (HOAs) nationwide—are not happy campers? A new national survey by the Coalition for Community Housing Policy in the Public Interest (CHPPI), has found that 81% of community association residents surveyed feel that “lack of transparency” and […]
Trumped: House Hunters Get A Lump Of Coal In Christmas Stockings
Home buyers and owners seeking to refinance will find a lump of coal in their Christmas stockings thanks to President-elect Donald Trump. Economists say mortgage rates in early December skyrocketed to a high for 2016 in anticipation of higher inflation under President-elect Trump’s administration and a long-forecasted Federal Reserve Board (Fed) interest hike this week […]
HOA Horror: Toxic Stories About Mold Pt. 2
Last week, we started our examination of toxic stories about mold in Illinois, Florida, New York, and California in this four-part series. This week, we continue down this moldy road into Chicago and New York. “The Whole Building is Leaking like a Sieve.” In the leafy Ukrainian Village neighborhood in Chicago, Josh Bizar purchased his […]
HOA Horrors: Toxic Stories About Mold Pt. 1
The concept of a partnership in an HOA community living is a noble one. Peacefulness, harmony, and tranquility should always be the goal- as well as ensuring the health and safety of the members. However, community associations are not immune to health risks, environmental toxins, and safety concerns. If a problem exists, you are just […]
The Many Names For Theft Inside Your HOA: Part TWO
Last week we covered: the kickback, overbilling, expense padding, volunteer compensation and underreporting income. In the final installment of this two-part series, we continue highlighting common examples of how HOA’s can unwittingly be stripped of their monies: Overreporting expenses. Owners should beware when financial statements show an exaggerated amount for recurring regular monthly expenses. For example, […]
The Many Names For Theft Inside Your HOA: Part ONE
In this two-part series, we will highlight common examples of how associations can unwittingly be stripped of their monies: The kickback. This widespread act of dishonesty is one of the most prevalent forms of embezzlement because it is extremely difficult to spot. Kickbasks can occur in any association – large or small, self-managed or professionally […]
FL HOA (Poinciana) Attempting to Become a Municipality
The HOA, Association of Poinciana Villages (FL), wants to become a city. In fact, a group of residents have been attempting to become a municipal corporation for several years. Poinciana Incorporate Now Citizens Home Organization (PINCHOS) has completed a feasibility study submitted to Florida Legislature in August. It seems as though the large subdivision of […]
TRID RULE FOR MORTGAGE DISCLOSURE HELPS HOME BUYERS GET SMARTER
If you are planning to start home-loan hunting to finance the purchase of a new or existing dwelling now or in 2016, better clip this article and keep it so you avoid becoming a mortgage dummy. Once you wade through the alphabet-soup the federal government uses to describe the nation’s newly revised mortgage-application process, understanding […]
The Myth of the Homeowners (& Condo) Association “contract”
By Deborah Goonan, Independent American Communities blog http://independentamericancommunities.com/ In a recent discussion forum on rules regarding display of flags in Common Interest Communities (aka Homeowners Associations), there was some vigorous back and forth about the fact that Association-controlled communities are controlled primarily by the CC&Rs (or Declaration of Condominium) contract, rather than Constitutional law. The […]