Why condos aren't easy

It seems that it should be easy for a Realtor to sell a condo or townhouse, no? After all, they cost less than houses (in some areas), the inspections are easier, etc. etc.  But no.

There are two reasons for this: First, most lenders need home owners association financial documents and the HOA management companies can be all over the map with competence.  Some are super-professional and get docs out right away.  Others...just aren't as heads up.  You'll have to beg for documents to be produced, pay rush fees in advance, etc.

The second reason is the lenders themselves, especially the big banks like BofA, Chase, Wells, etc.  Yes, I know their interest rates are better than mortgage brokers' rates now, but they have very tight underwriting standards and restrictions.  And when they do get what they need, it usually sits on somebody's desk for a few days before it gets processed.

So if you're buying a condo or townhome, make sure you're on top of your lender and the HOA management company.  And allow extra time for the escrow to close.

9076 Willis, #16, Panorama City is now $408,000

We've just cut the price on this amazing townhouse.  At 1727 square feet, this unit is one of the largest townhomes I've ever sold.  It features 2 bedrooms, a bonus room, 3 baths, 2-car attached garage, 2 fireplaces, balcony, patio, new paint, new flooring, and lots of other upgrades.  The HOA is proactive and has just re-roofed the complex, re-surfaced the pool and spa, and painted all exterior trim.  The monthly dues are still $295 with healthy reserves.

At $408,000, 9076 Willis #16 makes a fabulous rental, too -- rents for units this size in the neighborhood are $2500 to $2700/mo.  See 9076Willis.com for more pics.

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.