Profile picture for Jill Schweitzer

HOA issues

The HO mgmt co industry lobbies to keep them self governed, and claim to protect property values. I do not see that in many condos. The values suffer when the property is NOT maintained. Too many owners are hit with huge assessments. Owners need to be involved.

HOA prop mgmt co's are NOT licensed or regulated in most states yet handle millions of dollars with little oversight from homeowners!

The easiest way to check if an HOA is being managed properly is to look at the reserve study:
The key elements are:

1. the percent funded (100% is ideal),
2. the amount recommended to be saved each year, and
3. has the HOA been making the capital improvements each year as listed?
Signs the HOA is at high risk of a special assessment:

1. It is only 0-30% funded HIGH risk, if 30-70% funded MEDIUM risk,
2. If the HOA is not saving anywhere close to the recommended amount, and
3. the HOA is not making the capital improvements per year listed on the study.

If your HOA board and mgmt co is NOT doing their job, owners need to recall the board and get a new mgmt co. Don't wait until you get hit with a big special assessment.

Owners in HOAs have signed away their US Constitutional Rights and become business partners in a non profit corporation with all their neighbors and can be assessed for loans, lawsuits, settlements, construction defects, liabilities and disaster rebuilds.

Owners should also check the court records to see if the HOA is involved with any lawsuits. Google 'x county superior court' and go to find a case; view files @ courthouse!.

AGENTS CAN HELP!
Use this info above and include a dues comparison to send out to owners living in HOAs! I formed a meetup group & website to help others.
  • July 03 - Los Angeles
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Answers (2)

Profile picture for sunnyview
I disagree with Jill and do not appreciate her enthusiasm. Maybe I don't just don't fully appreciate her need to promote her group or website.
  • July 04
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Jill, I appreciate your enthusiasm for the subject, and I disagree with your recommendations.
  • July 04
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