Colorado HOAs: Is Government Regulation the Answer?
Absolutely every agent in the business has their own personal horror story about dealing with one of the many management companies for Colorado HOAs. From the run-around on the phone, to the ridiculous rules, to the just plain rude, there is no doubt that many of the management companies running HOA's can be a nightmare.
My personal favorite happend several years ago. We absolutley had to have HOA docs that day. So one of my assistants went in person to the HOA office. She patienctly knocked at the door only to find out it was locked. The people inside the office said they could not let anyone in and if she needed docs, she would have to call and it would take 5-7 business days. Good times.
However, with all of the problems and complaints on Colorado HOAs, many people often overlook the necessity and services they do provide. The reason you don't live next to a bright pink house with 30 wind chimes and a purple fence, is because of HOAs. That may be an extreme example, but HOA's do serve a purpose - especially in condo and townhome communities where there are many shared common areas and services.
The latest move to help homeowners with Colorado HOAs involves possible government regulation. You can read the details at the Denver Post.
While in almost every instance, more government regulation and "help" in the real estate industry only brings about more problems, this may be one time when a level headed regulation system, similar to the mortgage broker regulations enacted a few years ago, may actually help everyone involved.
We'll follow the developments on this and keeo you updated on our blog.
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