As Real Estate Agents in the Tampa Real Estate Market, we are seeing so many different obstacles to overcome. Most stem from foreclosures and their effects on the Real Estate Market here in Tampa Bay.
This is a guest post from my business partner, Michelle Jordan at RE/MAX.
When she told me the situation with HOA fees; I felt this was important information to let everyone know.
One of our clients lives in a waterfront townhome community In Tampa. There is one Master Association, but then multiple associations within the one Master. My seller’s Association is the only one in the community that has any foreclosures or short sales and the HOA board is passing along as an assessment the outstanding fees HOA fees that have not been paid.
My sellers are desperately trying to find out legally if they alone will be responsible to bring all those fees current. Their HOA fee costs are out of control and almost matching what they pay for their mortgage.
Buyers/Sellers need to be aware that if there are any distressed properties in their community where HOA fees are to be paid, those fees may very well get passed along to the homeowners who are not in a distressed situation.
I fear that as more distressed properties come on the market the more attention this will get and hopefully it will end up as a question for the folks in Tallahassee.
Buyers working with Realtors need to have confidence that their Realtor is asking all the right questions and digging under the right rocks to make sure there are no surprises at the closing table when it comes to condo fees or HOA fees.
If you are thinking of buying a bank-owned home, short sale, or pre-foreclosure please don’t hesitate to contact us. If you don’t have a buyer’s agent to represent you, we are licensed Realtors in Tampa Bay.