Send us Fan Mail

Before buying a condo, look beyond the walls! The HOA’s finances and operations can have a major impact on the deal.
✅ Is a Reserve Study right for you? 👉 https://www.reservestudy.com/

📰 Read the WSJ Article 👉 https://www.wsj.com/real-estate/four-ways-to-spot-hoa-risks-before-you-buy-a-home-815b5b82?st=wU1NjT&reflink=desktopwebshare_permalink

In Episode 180, Robert, Kevin, and Julie all get together to discuss the issues that can make buying or selling a condo more complicated than many homeowners realize. Their conversation was inspired by a recent Wall Street Journal article that featured all three of them as sources on what prospective condo buyers should be asking before making a purchase. They explain why the financial and operational health of the HOA can have a direct impact on a condo sale and why buyers need to look beyond the unit itself. Understanding the association behind the property can help uncover potential problems before they affect financing, insurance, or the long-term value of the home.

Chapters:

00:00 Why can HOA issues create problems for buyers and board members?
01:00 What can derail a Condo sale in today’s market?
04:56 Why do both the buyer and the HOA need to qualify?
07:34 What happens when the association cannot qualify for conventional financing?
08:34 Can a well run HOA suddenly become ineligible?
10:42 Why is adequate HOA insurance becoming harder to secure?
11:25 Can an HOA discover a problem only after a buyer’s loan is denied?
13:12 How can a buyer figure out an HOA’s real personality?
17:54 What does visible disrepair tell you about an association?
19:02 Ad Break - Community Financials
19:34 What should HOA Board members say to prospective buyers?
23:29 Which HOA documents should a Condo buyer review?
26:39 What should buyers look for in the Reserve Study?
29:09 Who are HOA Board members financially responsible to?
31:02 What makes an HOA well managed and easier to buy into?
31:49 Why can the people problem make necessary financial changes difficult?
34:07 What leadership habits help keep an HOA healthy and sale-able?

The views & opinions expressed in this program are those of the Hosts & Guests, intended to provide general education about the community association industry. The content is not intended to provide specific advice or recommendations for any individual or organization.

Podcast Links:
Full Episode List
Watch On Youtube

Engage in the conversation!

Call our 24/7 voicemail line at (805) 203-3130 or send an email or voice memo to podcast@reservestudy.com

Nominate yourself or a Board Hero you Know!
Board Hero Nominations

Boardmember Merch Store!

Connect with Hosts on LinkedIn

Julie Adamen

Kevin Davis, CIRMS

Robert Nordlund, PE

Support Our Sponsors

Association Insights & Marketplace

Association Reserves

Community Financials

Kevin Davis Insurance Services

Stoke Light Video & Marketing

The Inspectors of Election