Dear Michael: I am looking at buying a condo. I see that HOA fees vary. How do I determine how much I need to pay for the HOA monthly fees?
Answer: HOA fees are different for different communities, depending on whether the community has a pool, playground, controlled access, gated or guarded. The more amenities a community has, usually the higher the HOA fees will be.
Most importantly is not the HOA fee but the amount of money held in the reserve. Reserve study show that an HOA that is funded above 60 percent is in good standing. “Reserve Study” is measured by the percentage amount of money in the reserve at the time of the study.
This amount is allocated for future major common area expenditures. If an HOA reserve is low and repairs are needed then a special assessment is incurred for each owner. Special assessments are discussed in the meeting minutes, so I suggest you read at least one prior year of HOA minutes. When selling a condo special assessments are usually the paid by the seller but can be negotiated.
Dear Michael: We are purchasing a new home and closing escrow next week. We have found issues with the home that were not disclosed to us by the seller. When is the latest time period of escrow when we can we stop the sale from recording?
Answer: If you have removed all contingencies and decide to cancel the transaction you could jeopardize your earnest deposit.
To answer your question, once the loan funds: which is the process of having the buyers lender fund the loan by depositing the money to escrow via Title.
The funding is executed in order to pay the seller for the property and any and all existing liens. This process is called payoff. A buyer can stop the closing from recording at the latest by 2 p.m. on the day prior to the close of escrow.
Note that additionally to the earnest deposit being jeopardize, penalties may also be incurred. Please consult a real estate attorney for further evaluations.
Dear Michael: I am selling my home and my tenants are not cooperating by refusing my Realtor to show my house to prospective buyers. What can I do to get them to cooperate with my Realtor?
Answer: You’re in an unfortunate situation. Tenants are required by law to let your Realtor show your property if they have received a 24hrs notice.
Unfortunately there is not much you can do if they don’t cooperate. I suggest you give your tenants a 60 day notice to move out which is the amount of time required by law.
This way after they have moved out your Realtor will have full control of showings and can market your home effectively.
You may be out of rent income for everyday your property is vacant after your tenants have moved out but this is the price you have to pay for an effective sale.
If you’re in a rush to sell your home you can entice your tenants to leave early by reducing their rent for everyday they leave, or simply by offering them an amount and buying them out. Selling a home has its challenges; dealing with cooperating tenants will make things worse.
If your tenants are not cooperating with the sale of your home, wait until they move out before putting your home on the market.
Michael Kayem is a Realtor with Re/max Estate Properties serving Culver City and the Westside since 2001. You can contact Michael with your questions at 310-390-3337 or email them to him at: homes@agentmichael.com