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Answers (11)
Best Answer
- maritess420
- Contributions:9
I'm sorry I don't have an answer to your question, I even looked around online. However when I sold my condo back in 2005, part of my incentive was one month of HOA dues. No one had a problem with that...
- Jay Schmitt, "Jay Schmitt"
- Contributions:3
It is an initiation fee. It is at the HOA's discretion to apply it where needed to HOA expenses. It benefits the HOA.
- Gerry Michaels, "GettysburgGerry"
- Contributions:38
Today is Monday Jan, 31, 2011. I called the Lake Heritage HOA office and got the answer from the horses mouth. There is no restriction on who pays the fee, the person in charge of coordinating sales for the HOA reports that many times the fee is offered as an incentive, it is not unusual or prohibited.
If you would like more information about our conversation please feel free to call me @ 717 752-6886.
Gerry Michaels
CBRE
If you would like more information about our conversation please feel free to call me @ 717 752-6886.
Gerry Michaels
CBRE
- Naomi Preston, "NaomiPrestonRealtor"
- Contributions:12
Perhaps your Agent had Mis Information. I would verify her sources and check your own.
If the agent doesn't bend, go to the Broker.
Good Luck!!
Naomi Preston
www.NaomiPrestonRealtor.com
If the agent doesn't bend, go to the Broker.
Good Luck!!
Naomi Preston
www.NaomiPrestonRealtor.com
- Jay Schmitt, "Jay Schmitt"
- Contributions:3
You should be able to offer an incentive as the seller. Quite a number of sales in Lake Heritage have had the seller pay the initiation fee for the buyer as part of the agreement. I am also a Lake Heritage resident and if I were selling my home I would offer it as an incentive. Not that the LHPOA will give you any financing information but we do have a brand new website with lots of good community information for the potential buyer to look through http://www.lakeheritage.org. As a member you should have a password the gives you access to the resident section also,
- Gerry Michaels, "GettysburgGerry"
- Contributions:38
I have no idea why the bank would have any concern regarding the incentive. I can say that I do know from selling and buying the the Lake Heritage complex that I have seen the entrance fee paid by the seller. That being said I do not recall if it was done as a buyer incentive or part of a reimbursement toward closing costs.
Here is a link to the Lake Heritage HOA http://www.manta.com/c/mm7ty2s/lake-heritage-property-owners-assn
I have dealt with them many times and I am sure that they would have no problem discussing the situation with you. If you would like some help, feel free to contact me.
Please keep me updated on this as the information would be useful to others as well.
Thanks
Gerry Michaels
Here is a link to the Lake Heritage HOA http://www.manta.com/c/mm7ty2s/lake-heritage-property-owners-assn
I have dealt with them many times and I am sure that they would have no problem discussing the situation with you. If you would like some help, feel free to contact me.
Please keep me updated on this as the information would be useful to others as well.
Thanks
Gerry Michaels
- David Monsour, "D. Monsour Realtor"
- Contributions:30
Also I've sold homes at Lake Heritage where the seller has paid the fee. It's not a problem. I called another Realtor that has Lake Heritage experience that also confirmed that they haven't had any issues
- David Monsour, "D. Monsour Realtor"
- Contributions:30
Whether you offer it as an incentive or as closing cost assistance the money will still come from your personal sale proceeds. There is nothing wrong with marketing it as an incentive. I'm assuming you live at Lake Heritage or Lake Meade where is a very common to market homes using the very incentive you desire. $4200 + the yearly dues gets pretty expensive. They are looking to offer a payment system currently at Lake Heritage (for the dues not the one time payment.)
The initiation fee and yearly dues pay for the roads, maintaining the lake, the pool, staff, tennis, common areas and so on.
I'd be happy to market the incentive for you. Feel free to contact me if there is anything I can help with.
The only possible problem I can see with the incentive is that there are percentage of sale price limits on incentives or seller concessions depending on the type of loan. Perhaps that 4200 put a buyer over the seller concession limit for their particular loan.
- BEDT47$
- Contributions:7
Mr. Moore - the agent that listed my home told me I could not offer to pay the HOA entrance fee. She said that the lending institution would not accept that, but gave no reason. She said I could offer to pay the $$ towards closing costs.
I really wanted the entrance fee to be an incentive and would not cost the buyer more money added to the home price. I was going to state that "offer" on my listing, but remembered what the agent told me... I guess I should have asked her why the lending institutions frowned upon it.
Wetdawgs - the one time entrance fee is $4,000 (jumped from $1200 after a gready BOD took riegn and saw available $$$). I really don't know what it covers - I guess it's just to keep "riff - raff" out. If you can't afford the entrance fee than chances are you can't afford the house! (I'm guessing!)
Benefits would be a lake (boating/skiing/fishing), community center for gatherings (like weddings, family reunions, etc), picnic areas, two in-ground pools, tennis courts, road maintenance, etc.
I really wanted the entrance fee to be an incentive and would not cost the buyer more money added to the home price. I was going to state that "offer" on my listing, but remembered what the agent told me... I guess I should have asked her why the lending institutions frowned upon it.
Wetdawgs - the one time entrance fee is $4,000 (jumped from $1200 after a gready BOD took riegn and saw available $$$). I really don't know what it covers - I guess it's just to keep "riff - raff" out. If you can't afford the entrance fee than chances are you can't afford the house! (I'm guessing!)
Benefits would be a lake (boating/skiing/fishing), community center for gatherings (like weddings, family reunions, etc), picnic areas, two in-ground pools, tennis courts, road maintenance, etc.
- Tim Moore, "Kitty_Hawk_NC"
- Contributions:151
I wonder who told you that. I can't imagine why the bank would give any concern about you paying a fee for the buyer, other than if they look at it like a concession where you have a max amount that you can contribute. Can you talk to the home owners association and make sure that if it's paid in advance that it can transfer to the new buyer? If so then it's a done deal and I can't imagine why it would be an issue. I would make sure the buyer knew it was paid by you, but I would not mention it in the contract to purchase.
- wetdawgs
- Contributions:26833
What does the "one time entrance fee" cover? What are the benefits?
I live in a gated community. I wanted to pay the one time entrance fee as an incentive. (more)
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