By Sue Cragun | Marketing Director / Owner | Midvale Office
Realtors, make sure you are getting all the HOA info upfront, and lenders, you’ll want to do the same.
Here’s why: Many HOAs are charging huge transfer fees or reinvestment fees. These can range from $150 to thousands of dollars, and typically fall upon the buyer to pay. Also, some HOAs are requiring the entire next quarter in advance. If you have a buyer who is tight on funds, this can mean an extra $150-$400 upfront. Historically, many people would wait until we get this info which can be after the due diligence deadline. Don’t wait! Make sure you are getting all the info for your buyer or seller upfront. You don’t want to be near closing and find out there’s a 1-5% reinvestment fee.