Selling in your HOA
Thinking of selling your home? Now is the time! Real estate is hot, hot, hot. The current shortage of homes for sale stems back to Spring of 2020, as COVID-19 hit just before selling season. There is still very limited inventory, but there are plenty of buyers. Because the demand is so high and the supply is low, the value of your home goes up. Mortgage and interest rates are historically cheap, but listing prices remain high. When selling in an HOA, there are certain steps and processes to take. Begin by reviewing your Governing Documents for your Association. Potential buyers will want to see documents pertaining to: Monthly Association fees Master insurance policy Bylaws, rules, & regulations Recent Association financial statements Current special assessments It’s a good idea to hire a realtor who has experience selling properties in HOA’s. They will be able to assist you in gathering all the necessary documents. We also recommend cleaning and staging furniture and décor to really show off the space. This will help them to envision their own items in the home.
Thinking About Selling Your Home?
With interest rates and housing inventory at historic lows, this is a very good time to sell your home. If you’re considering putting your HOA property on the market soon, there are a few things to remember about selling an HOA. A review of the Governing Documents for your Association is a good idea to know what kind of questions may arise during the sales process. If you need an updated copy of your Governing Documents, they are typically available on your Association’s website through Sharper Management. As the seller, you will be required to provide resale disclosure documents about your HOA. These documents contain a wealth of information for a buyer that include things like: Pending litigation about the association Up-to-date information about assessments The Association’s financial status Covenants and restrictions within the HOA Any violations about the unit you are selling Governing documents for the HOA You may request resale disclosures through the Sharper Management website or visit this link directly to learn more.
Selling in 2019?
Are you thinking about selling your townhome or condo this year? If you are, here are some important things you will want to keep in mind moving forward: You will need to order resale documents When selling in an HOA, there are a few special considerations to remember. The Minnesota State Statute that governs homeowner associations (Minnesota Common Interest Ownership Act – 515B) states that the unit owner must furnish to a purchaser before the execution of any purchase agreement the following documents: [MOU1] the complete set of Governing Documents including the Articles of Incorporation, Declarations, Bylaws and Rules & Regulations, and a release disclosure certificate. To help you gather all of these materials, we have your Association’s Governing Documents on your Association’s website. The important resale documents you need can be found here. https://secure.condocerts.com/resale/ Look for a realtor with HOA experience Hiring a realtor with HOA experience will make the selling process easier for both you and your buyer. HOA–experienced realtors understand the steps needed to sell a condo or townhome and other important information like why resale documents are necessary. Don’t Forget to Stage Your Home Get rid of clutter. Aim for a light and bright look. Stage important rooms first. Remove and/or rent furniture. Rearrange furniture. Add little extras. The finishing touches are always in the details. If you need further information about your property, contact us.
Smoking Hot Real Estate Market. Are You Thinking of Selling?
2018 has been a hot year in the real estate market. As we enter Fall, you may be considering selling your home. If that is the case, there are a few things to keep in mind regarding selling in an HOA. A review of the Governing Documents for your Association is a good idea to know what kind of questions may arise during the sales process. If you need an updated copy of your Governing Documents, they are typically available on your Association’s website through Sharper Management. As the seller, you will be required to provide resale disclosure documents about your HOA. These documents contain a wealth of information for a buyer that include things like: * Pending litigation about the association * Up-to-date information about assessments * The Association’s financial status * Covenants and restrictions within the HOA * Any violations about the unit you are selling * Governing documents for the HOA You may request resale disclosures through the Sharper Management website or visit this link directly to learn more. https://www.condocerts.com/.
Selling in 2018?
As the new year gets underway, you may be thinking of changes such as selling your townhome or condo. If this describes your situation, here are a few things you’ll want to consider. 1. You Need to Order Resale Documents Documents Selling your condo or townhome within a registered Association is not like selling a single family home that is not a part of an Association. The Minnesota State Statute that governs homeowner associations (Minnesota Common Interest Ownership Act – 515B), states that the unit owner must furnish to a purchaser, before execution of any purchase agreement, the following documents relating to the association: the complete set of Governing Documents including the Articles of Incorporation, Declarations, ByLaws and any Rules & Regulations, and a resale disclosure certificate. To helpful fulfill this requirement, your Association’s Governing Documents may be found via your Association’s website. To order the entire package and, more specifically, the resale disclosure certificate, you will need to order through Condo Certs. Click here to be directed to Condo Certs where you will be able to obtain this information. (insert this link – https://secure.condocerts.com/resale/) 2. Hire a Realtor with HOA Experience Hiring a Realtor with experience in HOA sales will be a benefit to you. HOA experienced Realtors understand the process of selling in an HOA and why things like resale documents are necessary. Their experience will help move the sale of your home along smoothly. 3. Home Inspections Just like selling a single-family home, your buyer may require a home inspection. Be prepared by going through a maintenance checklist before the inspection to ensure your sale doesn’t get sidelined. For most living in an HOA, your responsibilities in a home inspection include things like, properly functioning HVAC systems, plumbing, electrical function within your home etc. Unlike a single-family home, the condition of the structures foundation and roof would be pieces covered by your HOA.