A Real Estate Conspiracy - I'm Pissed!

[DGS49]

I have just received a financial report and notices of next years financial obligations from my Homowners' Association ("HOA"). I purchased a very nice three bedroom Condo at a good price, and am in the process of moving in. The big and heavy stuff is in, and we are unpacking boxes and finding space for everything we can, realizing that moving from 3500 ft2 to 2000ft2 is a painful process.

Not having owned a Condo before I was more than a little bit curious about HOA fees and related costs. There are only ten units, and the buildings (2) are 23 years old, hence "we" looking at a new roof in the foreseeable future. If the financial planning has been done properly, there should be a fund accumulated by this time, so that when the other shoe drops, the cost will be covered. We were told that the current HOA fee was $250 per month, which is a little high for a place with no clubhouse or pool - really no common facilities to be enjoyed by the owners. The fee covers landscaping, snow removal, building maintenance, insurance, upkeep of the driveways, sidewalks, etc.

I was told that they were getting prices for a new roof, and there might have to be an "assessment" when it comes, but it will be tolerable. I repeatedly told the selling agent and the HOA President that "I don't want no surprises!" from the Homeowners' Association, or otherwise. "No Problem," I was told.

Today's missive drops the following bombs on me: There are two "Special Assessments" in June, $400 and $500, one to pay for past expenses and one to fund future expenses, and the same thing in December. So, with a $10 increase in the monthly HOA fee, we are looking at (12 x $260) + $1,800 in Special Assessments. That is $4,920 per year in HOA fees. There is no way in hell I would have bought this place if anyone had told me that I would have to pay five thousand after-tax dollars per year to the fucking Homeowners' Association.

When going over this with my wife, she related a conversation she had with the HOA Prez shortly after we signed the purchase agreement. She was told that they decided on "Special Assessments," because they knew that NOBODY WOULD BUY ONE OF THESE CONDO'S IF THEY SAW HOW MUCH THE HOA FEE WAS.

No shit. Like ME!

So this was a conspiracy by the 9 other homeowners to conceal the true cost of living here, in order to deceive would-be purchasers. Otherwise these Condo's are UN-SELLABLE!

I'm not sure what recourse I have, but I'm not inclined to respond affirmatively to the Christmas Party invitation.

 

[Concerned American]

I have just received a financial report and notices of next years financial obligations from my Homowners' Association ("HOA"). I purchased a very nice three bedroom Condo at a good price, and am in the process of moving in. The big and heavy stuff is in, and we are unpacking boxes and finding space for everything we can, realizing that moving from 3500 ft2 to 2000ft2 is a painful process.

Not having owned a Condo before I was more than a little bit curious about HOA fees and related costs. There are only ten units, and the buildings (2) are 23 years old, hence "we" looking at a new roof in the foreseeable future. If the financial planning has been done properly, there should be a fund accumulated by this time, so that when the other shoe drops, the cost will be covered. We were told that the current HOA fee was $250 per month, which is a little high for a place with no clubhouse or pool - really no common facilities to be enjoyed by the owners. The fee covers landscaping, snow removal, building maintenance, insurance, upkeep of the driveways, sidewalks, etc.

I was told that they were getting prices for a new roof, and there might have to be an "assessment" when it comes, but it will be tolerable. I repeatedly told the selling agent and the HOA President that "I don't want no surprises!" from the Homeowners' Association, or otherwise. "No Problem," I was told.

Today's missive drops the following bombs on me: There are two "Special Assessments" in June, $400 and $500, one to pay for past expenses and one to fund future expenses, and the same thing in December. So, with a $10 increase in the monthly HOA fee, we are looking at (12 x $260) + $1,800 in Special Assessments. That is $4,920 per year in HOA fees. There is no way in hell I would have bought this place if anyone had told me that I would have to pay five thousand after-tax dollars per year to the fucking Homeowners' Association.

When going over this with my wife, she related a conversation she had with the HOA Prez shortly after we signed the purchase agreement. She was told that they decided on "Special Assessments," because they knew that NOBODY WOULD BUY ONE OF THESE CONDO'S IF THEY SAW HOW MUCH THE HOA FEE WAS.

No shit. Like ME!

So this was a conspiracy by the 9 other homeowners to conceal the true cost of living here, in order to deceive would-be purchasers. Otherwise these Condo's are UN-SELLABLE!

I'm not sure what recourse I have, but I'm not inclined to respond affirmatively to the Christmas Party invitation.

Sorry for your misfortune. I got involved in a purchase of a home 42 years ago that had CC&Rs. They were minimal, but I like my freedoms even concerning what I can and cannot do with my property. Nothing has changed with me, but since that time I have seen laws enacted in CA that say if you live in a home with a common wall to another home, you can't smoke cigarettes in your own home (I don't smoke, but WTF). I've heard horror stories like yours and I made a promise to myself that I would never own a place where I ceded my rights away. I live way out in the sticks and don't have those problems. If it were me, I would try to document those conversations that misled you and then sue to have the sale overturned plus damages--let those who misled you add another special assessment to their annual fees to pay that off!

 

[Moonglow]

I have just received a financial report and notices of next years financial obligations from my Homowners' Association ("HOA"). I purchased a very nice three bedroom Condo at a good price, and am in the process of moving in. The big and heavy stuff is in, and we are unpacking boxes and finding space for everything we can, realizing that moving from 3500 ft2 to 2000ft2 is a painful process.

Not having owned a Condo before I was more than a little bit curious about HOA fees and related costs. There are only ten units, and the buildings (2) are 23 years old, hence "we" looking at a new roof in the foreseeable future. If the financial planning has been done properly, there should be a fund accumulated by this time, so that when the other shoe drops, the cost will be covered. We were told that the current HOA fee was $250 per month, which is a little high for a place with no clubhouse or pool - really no common facilities to be enjoyed by the owners. The fee covers landscaping, snow removal, building maintenance, insurance, upkeep of the driveways, sidewalks, etc.

I was told that they were getting prices for a new roof, and there might have to be an "assessment" when it comes, but it will be tolerable. I repeatedly told the selling agent and the HOA President that "I don't want no surprises!" from the Homeowners' Association, or otherwise. "No Problem," I was told.

Today's missive drops the following bombs on me: There are two "Special Assessments" in June, $400 and $500, one to pay for past expenses and one to fund future expenses, and the same thing in December. So, with a $10 increase in the monthly HOA fee, we are looking at (12 x $260) + $1,800 in Special Assessments. That is $4,920 per year in HOA fees. There is no way in hell I would have bought this place if anyone had told me that I would have to pay five thousand after-tax dollars per year to the fucking Homeowners' Association.

When going over this with my wife, she related a conversation she had with the HOA Prez shortly after we signed the purchase agreement. She was told that they decided on "Special Assessments," because they knew that NOBODY WOULD BUY ONE OF THESE CONDO'S IF THEY SAW HOW MUCH THE HOA FEE WAS.

No shit. Like ME!

So this was a conspiracy by the 9 other homeowners to conceal the true cost of living here, in order to deceive would-be purchasers. Otherwise these Condo's are UN-SELLABLE!

I'm not sure what recourse I have, but I'm not inclined to respond affirmatively to the Christmas Party invitation.

Just think of all that low income riff-raff you are kepping out....You get what you pay for and you are paying for gentrification, enjoy your special status.

 

[Moonglow]

I got the hell out of suburbia in 2001 and moved to my estate in the country and I enjoy no need for POA or a fee or a neighbor that is farther away than a stone's throw.

 

[White 6]

I have just received a financial report and notices of next years financial obligations from my Homowners' Association ("HOA"). I purchased a very nice three bedroom Condo at a good price, and am in the process of moving in. The big and heavy stuff is in, and we are unpacking boxes and finding space for everything we can, realizing that moving from 3500 ft2 to 2000ft2 is a painful process.

Not having owned a Condo before I was more than a little bit curious about HOA fees and related costs. There are only ten units, and the buildings (2) are 23 years old, hence "we" looking at a new roof in the foreseeable future. If the financial planning has been done properly, there should be a fund accumulated by this time, so that when the other shoe drops, the cost will be covered. We were told that the current HOA fee was $250 per month, which is a little high for a place with no clubhouse or pool - really no common facilities to be enjoyed by the owners. The fee covers landscaping, snow removal, building maintenance, insurance, upkeep of the driveways, sidewalks, etc.

I was told that they were getting prices for a new roof, and there might have to be an "assessment" when it comes, but it will be tolerable. I repeatedly told the selling agent and the HOA President that "I don't want no surprises!" from the Homeowners' Association, or otherwise. "No Problem," I was told.

Today's missive drops the following bombs on me: There are two "Special Assessments" in June, $400 and $500, one to pay for past expenses and one to fund future expenses, and the same thing in December. So, with a $10 increase in the monthly HOA fee, we are looking at (12 x $260) + $1,800 in Special Assessments. That is $4,920 per year in HOA fees. There is no way in hell I would have bought this place if anyone had told me that I would have to pay five thousand after-tax dollars per year to the fucking Homeowners' Association.

When going over this with my wife, she related a conversation she had with the HOA Prez shortly after we signed the purchase agreement. She was told that they decided on "Special Assessments," because they knew that NOBODY WOULD BUY ONE OF THESE CONDO'S IF THEY SAW HOW MUCH THE HOA FEE WAS.

No shit. Like ME!

So this was a conspiracy by the 9 other homeowners to conceal the true cost of living here, in order to deceive would-be purchasers. Otherwise these Condo's are UN-SELLABLE!

I'm not sure what recourse I have, but I'm not inclined to respond affirmatively to the Christmas Party invitation.

Wow! You got yourself into a really bad deal, DG. You didn't do enough research. You should have talked to people living there, instead of people selling.