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Can homeowners associations fine me for violations?

May 8, 2016 By Tayson Rockefeller Leave a Comment

No FeesHomeowners association (HOA) violations have been a Hot Topic lately. Whether it’s the HOA acting outside of their authority based on interpretation of the development bylaws or restrictions, or imposing unreasonable fines for violations.

In 2014, Idaho legislators reported numerous complaints of homeowners associations providing unreasonable notice or demands or even fines for non-compliance of the HOA guidelines. There were circumstances in which subcontractors were hired to remedy issues or violations, and even though the HOA contracted with the subcontractor, bills were sent directly to the property owners.

To combat these scenarios and to protect homeowners, the legislatures set requirements in place to require procedures for homeowners associations to follow when working with violations.

During my continuing education course on the topic I was able to obtain information from the Senate Bill, provided by the course instructor at the Idaho real estate school.

That bill number 1310 from the Senate states:

(2) No fine may be imposed for a violation of the covenants and restrictions pursuant to the rules or regulations of the homeowner’s association unless the authority to impose a fine is clearly set forth in the covenants and restrictions and:

(a) A majority vote by the board shall be required prior to imposing any fine on a member for a violation of any covenants and restrictions pursuant to the rules and regulations of the homeowner’s association.

(b) Written notice by personal service or certified mail of the meeting during which such vote is to be taken shall be made to the member at least thirty (30) days prior to the meeting.

(c) In the event the member begins resolving the violation prior to the meeting, no fine shall be imposed so long as the member continues to address the violation in good faith until fully resolved.

(d) No portion of any fine may be used to increase the remuneration of any board member or agent of the board.

This bill is relatively straightforward, my interpretation is simple. You cannot impose a fine as an HOA unless authority to do so is set forth in the Covenants. Then, a majority vote by the HOA board is required prior to imposing any fine. A written notice of the above vote must be delivered with 30 days notice to the homeowner. In the event that homeowner even begin resolving the violation, notifying can be imposed as long as the homeowner continues to address the problem until it is resolved.

April ’16 Market Stats

May 7, 2016 By Tayson Rockefeller Leave a Comment

April '16 Market Stats

How long will it take to sell my property?

May 4, 2016 By Tayson Rockefeller Leave a Comment

Teton Home AbsorptionUsing absorption rate and market value to provide an estimate:

I don’t think you will find an agent willing to make a statement or promise, but there are some basic tools we can use to help our buyers get an idea here. These tools are two-fold. Meaning the information heavily relies on pricing your home at market value.

For example, if I use a formula 100% more than my suggested value… you get the idea. Other issues can play a role such as area, layout, home age, and in our area in particular, view.

So, assuming you list the home or property at market value, the below formula can help. However, it’s just a formula. Keep in mind that rural areas are far more difficult to value and understand. When valuing homes in areas with high population, track housing, high number of sales, etc. appraisals, CMA’s, and absorption rates are more accurate, or at least can be more valuable in these situations.

OK – let’s say the analysis is for a home as opposed to a lot. We need to take the total homes sold in the past 12 months, and divide by 12 to get the monthly absorption rate.

Then, we take the number of homes currently on the market, and divide by the monthly absorption.

The number we end up with is the Number of Month’s Worth of Supply on Market!

Contact me if you would like an analysis & absorption estimate.

Deal of the Week

May 2, 2016 By Tayson Rockefeller Leave a Comment

359 Wild Cat Canyon Loop Driggs, ID 83422

As of the date on this post, there are 385 lots for sale in Teton County, Idaho. However, as agents we tend to show the same handful of listings for every price range. People look for either features (water, trees, etc.) or the “view corridor” lots.

359 Wild Cat Canyon loop Driggs, ID 83422Why it’s a good deal:

I mentioned features, and views above, this lot has both. There is an irrigation canal that waters some nice vegetation, it backs up to subdivision green space, and it’s got a stellar Teton View.

How much?

65K, 1.6 acres.

How quick will it sell?

It will sell between now and end on summer.

MLS info below. Log in to save this property.

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