HOAs: The Condo Problem

I was delighted when I learned a Realtor would not show a young girl any condos. Her prudent mother insisted she not buy in any HOA, but she's wavering on a townhouse. She's naive, like many of us.

Decades ago we went thru the apartment-to-condo conversion. It made sense for renters to buy condos trading a rent payment for a mortgage.

What makes this carefree lifestyle appealing is the very thing that has turned out to be risky. They all have the glossy impeccable foyers, large pools as well as gyms sold by seductive brochures. None of the images show interior drywall stripped due to packrat damage or what else may be wrong.

I rented an attractive condo while I waited for my home to be renovated. I had 2 dogs, and remember Shelby running to the corners of the closet jumping and sniffing. I had no idea what she was after until I heard the sounds. I'll never forget the scratching at the walls and the packrat litter sounds above the ceiling where I slept. I called the management company and the landlord. They knew the story so I was put on ignore. Do sellers or MC's of condos disclose a packrat problem to a buyer? Likely not.

Condos in Tucson have aged and not so gracefully. Do you think the board of directors takes notice of the aging infrastructure? Not likely. They leave the very expensive problem to next years board; who wants to be the messenger of bad tidings? Then the back flow problem surfaces and your unit along with several others is flooded with sewage. Buyers never know what infrastructure problems persist. You buy for two reasons ... price and it looks livable.

Along with the fights between unit owners, the noise living in high density housing, the smells from cooking and smokers, late night entry, noisy cars, the loud music, pets barking, dirty pools you still think you can deal with this but there's one problem lurking in the shadows. Investors.

FHA and VA have restrictions on the amount of renters in any condominium complex. That might mean that when you sell the unit the only buyers you can attract are people who qualify for a conventional mortgage. But it gets worse. Investors are playing monopoly and buying one unit at a time with the intention of converting the complex back to apartments. It's happening all around you. If the investor wants your condo he gets it at the price the property appraises for. And who hires the appraiser? You got it, the investor.

Carefree living is not in a condo or an HOA.

If you have suffered HOA abuse, contact HOATruth.com. Dennis Legere is the principal advocate. Or you can reach me at EarsUp@iCloud.com. Full disclosure, neither are attorneys. We do this bc we don't like bullies. FREE.