Will this spring be time for a fresh start? If you’ve decided to sell your HOA property, there are many things to consider as you prepare. To help you plan, we put together 3 important steps to know in terms of working with your HOA when selling.
Be Informed on Your HOA’s Selling Process
Most HOAs have rules that members must abide by as they seek to sell their home. If you do not already have that information, then you’ll need to contact your association. Typically, requirements for selling your home will be found in your HOA’s bylaws; it will also be helpful to your agent, if you get one, to know the terms for the seller and buyer to make sure the transfer is clear and lawful.
Have Documents Ready
Additionally, any serious buyers will most likely want a copy of the HOA’s important documents like rules, regulations, fees, and bylaws to help with their decision. Having those ready to go will make it easier and potentially speed up the selling process. The right agent will also let you know if any other information would be beneficial to your efforts.
Close Up Any Loose Ties
To help your prospects, it’s also important to address any violations and pay any outstanding fines you may have. A buyer can order a certain certification, provided by your HOA, outlining if you, as the seller, have any past due balances or outstanding violations. You will typically need to clear them up before closing anyway, so taking care of that beforehand helps streamlines the process. This includes continuing to follow the HOA’s rules even as you’re preparing to move to avoid any violations or fees complicating the transition.
Overall, we always recommend contacting your HOA to begin the selling process on the right foot. Additionally, your neighbors could be a good resource if they have sold an HOA property before and have any other tips that might help.