What is an HOA resale package?
I am thinking about buying a condo, and my friend said to make sure I take a good look at the HOA resale package before I continue with negotiations. I have no idea what she is talking about. What is an HOA resale package?
Answer provided by
Your friend is giving you good advice! An HOA resale package shows vital information about the condo you need to know before committing to a final price. It will show information such as:
- Past due fees and assessments that you will be responsible for if you buy the property
- How much the association has in reserve
- Upcoming projects—new projects could cause your HOA fee to increase
- Association bylaws that you will need to follow
If the current owner has fallen behind on any payments owed to the association, you can use this as a bargaining chip to negotiate a lower sale price. Once the sale goes through, you will be responsible for that balance.
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