Tag Archives: HOAs

Top 10 HOA Issues in Condo Sales

You’ve finally found a great condo to buy that hits on all your preferences, is in a good location and has affordable homeowners association (HOA) dues. Now it’s time to review the disclosures, particularly when it comes to the HOA. What restrictions exist or could lead to potential problems?

Here are my top 10 HOA issues to vet when it comes to condo living:

1. Flooring restrictions.. Are there serious restrictions against having hardwood floors? In most cases, HOAs require that owners cover a certain percentage of hardwood floors with area rugs or carpet. But some HOAs mandate that bedrooms have wall-to-wall carpet. If this isn’t your thing, make sure you know about it before you write an offer. Continue Reading

The ABCs of HOAs

The ABCs of HOAs

Condos are a popular option for many home buyers in San Francisco. Prices for condos are more affordable, and there’s less upkeep involved. For busy professionals, condos are generally a better fit than single-family homes.

The residents within a condo building are part of a homeowners association (HOA). In larger buildings, there’s usually an HOA board, too. These entities make decisions about the property with respect to expenditures, special assessments and other issues that arise. Continue Reading

New Law Requires Fidelity Bond Insurance for All HOAs

A new law took effect in 2019 that requires all homeowners associations (HOAs) to carry what’s called Fidelity Bond insurance. This policy basically protects the HOA from actions taken by board directors and officers, such as transferring money in and out of HOA accounts.

Most large HOAs already have Fidelity Bond insurance in place, but this new law extends to small HOAs in two- to four-unit buildings. The good news, says Roger Larson of TWFG Larson Family Insurance Brokers, is that the Fidelity Bond limit of insurance required is based on the size of the HOA. So smaller HOAs only have to purchase and maintain coverage that’s at least equal to the combined amount of reserves in the HOA account and total assessments for three months.  Continue Reading

My Top 5 Condo Deal Breakers

You’ve spent three hours looking at various real estate Web sites and have narrowed down your favorites for this weekend’s open house touring.

In the end, three of those units have HOA dues that are well above what you can afford, and another two have serious pet restrictions that won’t work for your two yellow Labs.

Knowing the fundamentals about a condo and its HOA can save you time when it comes to targeting your search. Here are my top five deal breakers to help you narrow down your prospects. Because let’s face it, you can only see so many homes between 2:00 and 4:00 on a Sunday: Continue Reading

Top 10 Questions to Ask About a Condo

Our current loan landscape is more complicated than ever, and it’s important to vet a particular unit and HOA alongside your lender before you even submit an offer. To that end, our team at Guarantee Mortgage assembled a list of key questions you and your Realtor should have answered (either through the disclosures or the listing agent) before you get your contract going. Lenders have many restrictions these days, and they’re related to these key areas: Continue Reading

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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