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Buying a condo in Beaverton, Oregon? Read the Condo’s HOA minutes from the last year before you buy!

I'm hearing more and more cases where there are great deals on condo units and a lot are for sale in that complex. But, have you stopped to ask why so many are for sale? You may want to ask for the HOA minutes before you pay full price for the condo.

You see, what happens a lot is the HOA meets every month and discusses issues that need to be resolved, then haves and wants. But, if there is a major problem such as a roof that needs to be repaired soon and the HOA doesn't have enough in the reserves, then they either have to have a special assessment or raise the HOA fees. Neither which has to be reported to the buyer in the sales agreement. This is why you need to do your own homework to find out why so many are for sale and some are better priced than others.

You don't want to purchase a great condo unit with great HOA fees to find out three months later that the HOA fees are going up by $150 a month to cover the new roof, or that maybe each owner is required to pay $5,000 to the HOA as a special assessment to cover the siding. Your budget didn't allow for that when you bought the place and you, yourself maybe required to sell to come up with the money.

So do your due diligence and get a copy of the condo's HOA before you get too happy about the purchase of your new condo.

BELOW YOU WILL FIND ALL THE CONDOMINIUMS
FOR SALE IN THE BEAVERTON, OREGON

 

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 10 commentsRespect Realty LLC • November 09 2007 12:26AM

Comments

Todd - this is a great idea! I don't think the HOA's around here are that open. We have a hard enough time getting information from them for our contracts!
Posted by Linda Scanlan (A Fan of AR) over 11 years ago
In this area, the seller has to provide a bunch of disclosures about a condo association's finances, budgets, rules and regulations.  I also have my buyers request minutes of board meetings and any published newsletters - they give a much clearer picture of the project.  You can find out what everyone is bickering about!
Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 11 years ago
Toddy Todd Todd....this is very valuable information. As you know we live in a Condo and some things I sure wish I could have done a little differently when I was a first time home buyer still in college! I guess I should have used another agent! haha...we won't get into that one. However this is great info. we have some for sale and there are some issues with the condos, I sure hope people ask for the minutes!
Posted by Rick Grand (nowhere) over 11 years ago

LMFAO at Rick!!!

I do this very thing with my condo clients too - those minutes can be a treasure trove of information.

Posted by Jennifer Monroe, Real Estate REALTOR®/Broker in Beautiful Charlotte (Savvy + Company Real Estate) over 11 years ago

Todd,

In our area special assessments would have to be disclosed to the prospective purchaser...good post!!!Thanks,   Fran

Posted by Fran Gaspari, "The Title Man" - Title Insurance - PA & NJ (Patriot Land Transfer, Inc.) over 11 years ago
Todd- great advice. I have to admit that I learn a ton of very valuable information from you. Thanks for being so willing to share your knowledge. Hope business is "rocking!" for you right now.
Posted by Portland Oregon Real Estate | Alecia Barnes - Broker over 11 years ago
Todd, great post (as usual). This is why I like the Condominium/Townhouse Addendum that is available on our MLS, because it has a little box to check that asks the seller for the last 12 months (or more) HOA Meeting and Board of Director Meeting Minutes (and much more). Generally, I check all of the boxes and ask for EVERYTHING *And just for clarification, I was not Rick's agent when he bought the condo*
Posted by . . (no thanks) over 11 years ago

Linda - If my clients don't get that information, I tell them to walk! It usually means they are hiding something.

Michael - You were lucky, what is that condo going for today?

Patricia - Bickering is good word for it too.

Rick - 90% of the people won't and their agents won't bring it up either!

Jennifer - They also can protect you from a lawsuit later!

Fran - I wish they would make that the law here, but as of yet they haven't.

Alecia - I am hoping to just make us all better by sharing the information. We have to much negative press against us right now and we need to change that image.

Bridget - I'm really glad to hear that you were not the agent on Rick's transaction!

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) over 11 years ago
Michael - I'm sorry you didn't know!
Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) over 11 years ago
Great advice, and a good post.  I don't think associations are required to provide minutes here, unfortunately, but it never hurts to ask.  Another thing I always look for is announcements (or minutes) or any other documents that are posted in common areas around the community.  
Posted by Katie Wethman, CPA, MBA, Realtor - Northern Virginia & DC Real Estate (Keller Williams) over 11 years ago

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