Ask me anything: what do homeowners association dues cover?

If you buy a condo or townhome, you will likely pay dues to your homeowners' association.  What do your dues cover? The big items are hazard and liability insurance, and management company costs (if you have a management company -- somebody has to write the checks).  Dues also cover building maintenance, exterior power and gas, general swimming pool maintenance, gardening, any municipal fees, and garbage pickup.  I tell my clients that the amount you spend in dues usually equals the amount you spend on maintenance and upkeep for a single family home.

1809 Peyton in Burbank closes today

1809 Peyton is a condo complex in Burbank.  My buyer client Steven has been in escrow on a unit there for four months.  Kudos to Steven and lender Dana Dukelow for hanging in and making this FHA sale happen -- and getting the entire building approved for FHA loans! -- in spite of:

• A previous denial of FHA eligibility on the building,
• An HOA management company that sent incorrect documentation to FHA,
• A title company that sent incorrect info to FHA,
• A lengthy approval process at Prospect Mortgage,
• Complete and total lack of cooperation from the listing agent (but am I bitter? oh noooo) (see previous post about the seller who never got the buyer's request for repairs)
• An escrow officer who disappeared for several days during the closing procedure and left the work to an unlicensed Realtor assistant, and more.

Steven, I wish you much success and happiness in your new home!