Quick Sale in a Gated Community? NOT so Fast!!!
If you’re familiar with Southwest Florida, you’re accustomed to gated communities throughout the sunshine state! Everywhere you go, you can find them in low-end and high-end price ranges. From amenities galore, to simple basics. This area is certainly all about “lifestyle living”. So, if you’re a cash-buyer looking to grab your own slice of paradise quickly…think again!
Enter, the Homeowner’s Association. They’re not the enemy, but they’re not our friend either…at least, not in the beginning. A cash buyer can typically get a quick close, anywhere from 10-14 days! However, HOA’s require 30 days for the application process. An example of common verbiage you’d see on an HOA app is this: “The completed application must be submitted to ABC HOA NO LATER THAN thirty (30) days prior to date of closing. Applications submitted LESS THAN 30 days prior to closing will be charged an additional Rush Processing fee.” Ah, yes, the “rush processing fee”. You can expect anywhere from $100-$300 EXTRA on top of what the application fee already is, which will run you roughly $100-$250 NON-REFUNDABLE.
They also won’t accept faxed or emailed applications, so you’ve got to snail mail it! (I would always recommend sending with a tracking #, to ensure that it’s received. Time is of the essence!) The chances of a quick fire sale in a gated community are slim, unless you’re willing to PAY UP! HOA’s are up to their eyeballs in paperwork and everyone is waiting in line. The process for approval isn’t quick. All paperwork has to be fully filled out. An incomplete application will not be recognized and it must include the executed contract. Your Realtor will be able to help you ensure that this process is fully understood and taken seriously. HOA’s can make or break a deal!
Contact me for more info:
239.292.9404 (c) | firstname.lastname@example.org | www.kristenpell.com
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Posted on January 10, 2013, in Real Estate and tagged Amenities, Buy a Home, Buyer, Closing, Fort Myers, Gated Community, HOA, Homeowners Association, Homeowners Association Application, http://www.kristenpell.com/idx/index.php, Kristen Pell, Property Guiding, Realtor, Rush Processing Fee, Southwest Florida, SWFL Real Estate. Bookmark the permalink. Leave a comment.