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Message
Forming a HOA
Posted on 7/6/19 at 8:47 am
Posted on 7/6/19 at 8:47 am
FYI, posted on the GSB, but figure there are more knowledge people here who can offer input.
For my folks well-versed in real estate: We have a developing situation in my five-house neighborhood that I and other homeowners would like to stop and need to know if it can be done.
We have a home for sale two down from ours that is closing on Wednesday at 3:00pm. I have come to find out that the new buyer is planning to rent the house. For a number of reasons, we don’t want that happening (home values, instability of neighbors, maintenance and upkeep issues, etc). We have considered forming a HOA in the past, but this use issue may force it. I have read up on the hows and have a personal friend who is a real estate attorney and could draw this up quickly to get signatures in short order. My next door neighbor rents his home, which is fine. He gets good people in and he lived there years ago, so he’s kept it for sentimental reasons. We could write the rules up to allow for no more than 20% rental properties which covers his home, but doesn’t allow any others. I have read that some states require 60% of homeowners to sign and if that’s true in GA, the selling homeowner would not have to.
All this said, am I missing anything? Should we form an LLC and have this drawn up and signed? Appoint three folks as the board and notify the selling agent of intent so that the buyer can be made aware? What am I missing? What’s at risk if they try to sue? He hasn’t bought it yet, so we still have time I would think.
Advice?
For my folks well-versed in real estate: We have a developing situation in my five-house neighborhood that I and other homeowners would like to stop and need to know if it can be done.
We have a home for sale two down from ours that is closing on Wednesday at 3:00pm. I have come to find out that the new buyer is planning to rent the house. For a number of reasons, we don’t want that happening (home values, instability of neighbors, maintenance and upkeep issues, etc). We have considered forming a HOA in the past, but this use issue may force it. I have read up on the hows and have a personal friend who is a real estate attorney and could draw this up quickly to get signatures in short order. My next door neighbor rents his home, which is fine. He gets good people in and he lived there years ago, so he’s kept it for sentimental reasons. We could write the rules up to allow for no more than 20% rental properties which covers his home, but doesn’t allow any others. I have read that some states require 60% of homeowners to sign and if that’s true in GA, the selling homeowner would not have to.
All this said, am I missing anything? Should we form an LLC and have this drawn up and signed? Appoint three folks as the board and notify the selling agent of intent so that the buyer can be made aware? What am I missing? What’s at risk if they try to sue? He hasn’t bought it yet, so we still have time I would think.
Advice?
49
Posted on 7/6/19 at 8:48 am to S1C EM
quote:cliffnotes please. I’m not reading all that shite
Advice?
Posted on 7/6/19 at 8:49 am to S1C EM
Get a pit bull. You’ll be fine.
Posted on 7/6/19 at 8:50 am to TechDawg2007
It’s sort of necessary. Don’t read if you don’t want to.
Posted on 7/6/19 at 8:50 am to BPTiger
quote:
Get a pit bull. You’ll be fine.
Uh. No.....
Posted on 7/6/19 at 8:53 am to S1C EM
If the guyHas already purchased the property with no currently established a HOA in place then he doesn’t have to agree to shite And you are pretty much out of luck.
I would however go forward with establishing an one anyway so that anybody living in that house and your existing neighbors don’t do stupid stuff like build a dog yard in front of their house or permanently Park a meth camper in the driveway. Just remember that he is going to have to agree to it also
I would however go forward with establishing an one anyway so that anybody living in that house and your existing neighbors don’t do stupid stuff like build a dog yard in front of their house or permanently Park a meth camper in the driveway. Just remember that he is going to have to agree to it also
Posted on 7/6/19 at 8:56 am to S1C EM
Lol so it's ok for your neighbor but not the new guy? You sound like a little bitch
Posted on 7/6/19 at 8:57 am to S1C EM
How did you find out he is renting?
Have you seen a rental contract?
what kind of legal action do you think you can take since you don't know a damm thing other than gossip?
Have you seen a rental contract?
what kind of legal action do you think you can take since you don't know a damm thing other than gossip?
Posted on 7/6/19 at 8:58 am to S1C EM
I’m not a homeowner, so this admittedly comes from a limited-information perspective. But this just seems like a shitty thing to do. It’s not your property, why should you have control over who it is sold to or for what purpose?
I know all sorts of things come into play when owning a home that I’m not privy to, so I understand that this is a limited perspective at best. But speaking strictly from a morality standpoint, it doesn’t seem right that you should get to impose your personal will over what another person does with their property just because it has the potential to mildly inconvience you. Especially when someone else in your proposed exclusion group is already doing exactly the same thing. That just doesn’t feel right.
I know all sorts of things come into play when owning a home that I’m not privy to, so I understand that this is a limited perspective at best. But speaking strictly from a morality standpoint, it doesn’t seem right that you should get to impose your personal will over what another person does with their property just because it has the potential to mildly inconvience you. Especially when someone else in your proposed exclusion group is already doing exactly the same thing. That just doesn’t feel right.
This post was edited on 7/6/19 at 8:59 am
Posted on 7/6/19 at 8:58 am to Purple Spoon
quote:
If the guyHas already purchased the property with no currently established a HOA in place then he doesn’t have to agree to shite And you are pretty much out of luck
He has not closed. And most states seem to only require 60% of homeowners sign, and we have that.
Posted on 7/6/19 at 8:59 am to S1C EM
quote:
We could write the rules up to allow for no more than 20% rental properties which covers his home, but doesn’t allow any others.
This is the part that will be difficult legally. It’s stating that some people can rent their house but others cannot? That won’t fly.
The new owner could argue that once he rents his house your friend cannot rent his any longer bc the your friend’s house puts you over the 20%, not his.
Posted on 7/6/19 at 9:00 am to Strannix
quote:
Lol so it's ok for your neighbor but not the new guy? You sound like a little bitch
Read better. The neighbor’s situation is much different. He didn’t buy his property to rent (he built it for his family). He has a vested interest in its upkeep and he plans to sell in the next couple of years.
This buyer bought at the height of the home market for full price or better. Not really sure the investment strategy here.
Posted on 7/6/19 at 9:00 am to S1C EM
LOL, you can't let some people rent out, but not others.
It will be either all or none. Plus, the sellers/buyers of the new house will need to be on board, don't they? I wouldn't think if a five home neighborhood didn't have a covenant that 4 of them could throw something together that the fifth all of a sudden would have to agree to.
It will be either all or none. Plus, the sellers/buyers of the new house will need to be on board, don't they? I wouldn't think if a five home neighborhood didn't have a covenant that 4 of them could throw something together that the fifth all of a sudden would have to agree to.
Posted on 7/6/19 at 9:01 am to S1C EM
quote:
We could write the rules up to allow for no more than 20% rental properties which covers his home, but doesn’t allow any others. I have read that some states require 60% of homeowners to sign and if that’s true in GA, the selling homeowner would not have to.
That doesn’t sound like it would fly. And if this guy is an investor he might have money and an attorney. How much is the house worth?
Posted on 7/6/19 at 9:02 am to willeaux
Must be a fragile market if you are worried about one house.
Posted on 7/6/19 at 9:06 am to S1C EM
Another situation I thought of:
What if you have this "20% rental rule" in effect and house #1 has a renter move out. And plans on another renter moving in next month. But in the meantime, house #2 gets a renter to move in instead. What must house #1 do now? Leave the house vacant?
What if you have this "20% rental rule" in effect and house #1 has a renter move out. And plans on another renter moving in next month. But in the meantime, house #2 gets a renter to move in instead. What must house #1 do now? Leave the house vacant?
This post was edited on 7/6/19 at 9:07 am
Posted on 7/6/19 at 9:07 am to S1C EM
Why do you assume that just because he plans to rent the house, that he doesn't have a vested interest in maintaining property value?
Also, why is it okay for one person to rent and not someone else?
Also, why is it okay for one person to rent and not someone else?
Posted on 7/6/19 at 9:10 am to S1C EM
[img]He has not closed. And most states seem to only require 60% of homeowners sign, and we have that[/img]
So you want to stop the sale of the house mid close?
So you want to piss off the seller, the buyer, the agent, and the attorney out of fear that he will have crappy renters?
So you want to stop the sale of the house mid close?
So you want to piss off the seller, the buyer, the agent, and the attorney out of fear that he will have crappy renters?
Posted on 7/6/19 at 9:11 am to S1C EM
quote:
personal friend who is a real estate attorney and could draw this up quickly to get signatures in short order.
So why are you asking anonymous people on the internet for advice?
Posted on 7/6/19 at 9:11 am to S1C EM
quote:
I have come to find out
quote:
We have a developing situation in my five-house neighborhood
quote:
we don’t want that happening
quote:
I have read up on the hows
You sound like you were born to be in a HOA. Have you or Glenda knocked on his door and asked to speak to his manager yet?
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