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Percentage (%) Funded is already required by Civil Code.
What is needed is for real estate licensees (brokers, sales persons, and or CAR members) to understand what percentage (%) funded means, and to disclose this important material fact to prospective buyers.
What happens, however, if and when a property management company and or HOA/CID board provides misleading and or inaccurate financial information?
Law suits in HOA's/CID's over financial schenanigans will continue until or unless buyers begin to understand that they are not buying "real estate" (real property) when they purchase deed-restricted properties (in particular CONDO-type residential property wherein oftentimes the buyers do not even own the walls, roof, or floors - but only "own" the privilege of occupying the airspace between the walls). They are in fact purchasing a financial stake (liability) in a corporation.
Posted Jun 14 2004 5:51PM CEST
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Username withheld
, California |
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Perhaps this is a double edged sword. If realtors want to make it more expensive for homeowners to sell their property, they might be more reluctant to list with a realtor or sell their property at all.
In times of low inventory and increasing interest rates one could question the wisdom of abusing homeowners. Of course realtors could just sell single family residents to balance what they're not selling in Condo's, but frankly I think that's a stretch.
Good luck realtors and management companies.
Posted Jun 4 2004 11:39AM CEST
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Username withheld
San Pedro, California |
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The problem with AB 2718 along with almost all recent government regulation, (while well intentioned, the goals of AB 2718 for reserve disclosure is commendable) is that the EXPENSE will be considerable.
The increased legal expenses along with lack of property maintainance will spell major difficulties for Homeowner Associations.
Posted Jun 2 2004 11:52PM CEST
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Stephen Hohs
(View Profile)
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Speaking of politicians: This message just in off the internet.
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Why do surgeons prefer to operate on POLITICIANS?
Because they are the easiest to operate on. There's no guts, no heart, no balls, no brains and no spine, and the head and the ass are interchangeable!"
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Enough said.
Posted Jun 1 2004 4:33AM CEST
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Username withheld
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Don't even get us started on those "Caliphoney Legislaughters".
We submitted many a letter and asked that they be submitted "FOR THE RECORD" - which apparently means 'for the trashcan' to them.
We caught one politician from Irvine, California when he had told us he submitted our letter and that it was made a part of the record. When we followed up a couple of days later, it was nowhere to be found.
After emailing our concerns to more than one politician - we were asked to remove their name from our address book.
Mind you, we taxpayers FUND their email. We have some real juicy copies of those emails from waaayyy back and the same good ol' boys network of politicians are still voting against protecting homeowners in associations. They took the wrong constituents for granted.
At the right time and place - they WILL all be exposed! We don't throw out ANYTHING!
Some politicians behave like nothing more than used car salesmen. Actually, our apologies to the used car salesmen of the world.
We would trust you over most politicians anyday. Keyword - "most".
Posted Jun 1 2004 4:20AM CEST
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Username withheld
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Dear Viewers:
AHRC published this article to make our viewers aware of the dynamics of passing bills in the California legislature at this time.
There is a basic flaw in the law-making system in Sacramento when legislators and special interest vendors are the only ones working together to write laws that create financial burdens and restrictions on millions of property owners.
Assemblymember John Laird is working with lobbyists and trying to give them what they want. He has made big money realtors, lawyers, managers and other vendor lobbyists very happy and so they all support the bill.
The only people supporting AB 2718 are the three anti-homeowner lobbyists, CAI, ECHO and CACM.
Assemblymember John Laird and the realtors for their own personal benefits are creating another goldmine for the CAI industry. Both have shown their true colors to the California voters and homeowners.
Don't homeowners exist? Don't they deserve a voice? Who elected John Laird - ghosts? Who pays his salary, provides him with an office and staff? Some will o' the wisps? It seems as if some legislators when they get elected, put on a special pair of glasses - not to see, but to exclude homeowners and ordinary citizens.
Maybe citizens should pass a bill that suspends a legislator's paycheck if he does not listen to citizens! It is funny how money talks. Maybe it is the only language that some legislators understand.
Posted May 31 2004 8:15PM CEST
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AHRC Staff
(View Profile)
, California |
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Comment 2. Go one step further and require disclosure of the HOA fees
If the main intent of Assembly Member John Laird's bill AB2718 is to disclose the Reserve Status to members and buyers that is indeed beneficial to buyers of these HOA properties.
I would go one step further and require disclosure of the homeowner fees in ALL For Sale ads. Management companies should be required to have e-versions of the CC&R's, By-Laws, Current Financial Statements and Reserve Statements of each homeowner association they manage on line and available to all members of the buying public in order that they may make an informed decision when they purchase a property in a HOA. This would also be a control for Board Members and Management Companies who are less than honest or competent to do a better and more honest job.
Pat English
Posted May 31 2004 6:13PM CEST
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Username withheld
, California |
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We jubilantly sold a home in a California homeowners association recently and couldn't believe how we were nickled and dimed to death. The realtors and property managers just chipped away at our equity like it was theirs to do as they pleased with. They were "deducting" expenses left and right.
We had to watch them like hawks. They were taking out money for things they had no right or permission to take money for.
When we couldn't agree on a price matter - the realtor wasted no time suggesting that it if we couldn't afford to pay it up front "we can arrange for it to be deducted at the close of escrow right out of your equity and you won't have to go and fork out $2800 dollars for termite work". Of course they were mortified when we told them to take it out of their commission instead or there would be no deal. After all, it was THEIR "great termite guy" that quoted the rip-off price.
Don't EVEN get us started on the bogus termite inspection requirements, tenting, etc. It is just another bleed on the homeowners carotid equity.
The one that sent us over the edge were the outrageous costs the property manager wanted to charge just to change the name of the owner for the homeowner association records - $250.00!!!! They called it a transfer fee or something more complicated sounding than it really was.
Excuse me????? Just to have the receptionist delete the old homeowners name and insert the new homeowners name?
Let's face it - homeowners equity is UP FOR GRABS - and the ones with their hand highest in the air are the realtors.
I passed the realtor exam and didn't even have to study for it.
Posted May 30 2004 10:25PM CEST
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Username withheld
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California realtors have been selling out California homeowners for decades. They don't see beyond the tip of their commission.
The bottom line is this: realtors are a significant part of the HOA industry. Just call the Department of Real Estate and find out who is in charge. Work your way all the way to the top.
You will find more than one CAI member.
Posted May 30 2004 10:13PM CEST
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Username withheld
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