PCM HOA Certification Charges $267!???

NEW -> Contingent Buyer Assistance Program
NASCAR24

NASCAR24

Active member
So I'm refi'ing my home and PCM charged me $267 for HOA certification charges.  My lender first told me it would be about $125 than it went up to $225.  However, PCM ended up charging me $267.  I gave my approval for my lender to go ahead with the $225 but the $267 was unexpected.  I know it isn't much compared to the savings I will be getting with my refi but still, IMO, it's shady to keep increasing the charges.  It seems like the property management companies can get away with just about anything.  It is what it is, but I hope a set of standards or controls are eventually put into place to keep these types of cost within reason.
 
Wait until you find out how much they charge to print copies of the CC&Rs and other Docs. It's highway robbery.

-IR2

NASCAR24 said:
So I'm refi'ing my home and PCM charged me $267 for HOA certification charges.  My lender first told me it would be about $125 than it went up to $225.  However, PCM ended up charging me $267.  I gave my approval for my lender to go ahead with the $225 but the $267 was unexpected.  I know it isn't much compared to the savings I will be getting with my refi but still, IMO, it's shady to keep increasing the charges.  It seems like the property management companies can get away with just about anything.  It is what it is, but I hope a set of standards or controls are eventually put into place to keep these types of cost within reason.
Click to expand...
 
Had a transaction in an Irvine area condo complex earlier this year and PCM was the "management" company for the HOA. The insurance package they had arranged for the association was woefully short on coverage. The home buyer had to attend an HOA board meeting and ask the board to consider 'upping the coverage level because PCM felt it was sufficent and wouldn't budge on that position. They finally did suggest that the board OK an increase, but grudgingly. We closed the transaction, but what a hassle PCM gave us and the buyer along the way.

Buying or refinancing and PCM is your HOA management group? I'd add $300 to your costs and perhaps a week to your closing plans just in case.
 
Will it be listed on escrow docs, or is it a separate expense?
I don't remember paying this fee, but the last refi was a pain- they requested a whole lot of things from HOA. I should find out what/how much I was charged..


IrvineRealtor said:
Wait until you find out how much they charge to print copies of the CC&Rs and other Docs. It's highway robbery.

-IR2
Click to expand...
 
bones said:
Is this certification fee charged by all HOAs?  I don't remember seeing one during my refi.
Click to expand...
Depends on the HOA.  I refi'ed a rental property recently and I got the certification for free but they charged me $50 to get the copy of the master HOA insurance policy showing that the HO-6 coverage was included.
 
Cubic Zirconia said:
Will it be listed on escrow docs, or is it a separate expense?
I don't remember paying this fee, but the last refi was a pain- they requested a whole lot of things from HOA. I should find out what/how much I was charged..


IrvineRealtor said:
Wait until you find out how much they charge to print copies of the CC&Rs and other Docs. It's highway robbery.

-IR2
Click to expand...
Click to expand...
The fees come from the HOA.  Escrow will request the docs and the HOA will provide them the cost for those documents.  My seller on the Aliso condo had to pay $607 for the HOA documents on their main HOA.  :-\
 
You won't need copies of CC&Rs for the refinancing, but in Orange County typically the seller pays for them when it is time to sell.

-IR2

Cubic Zirconia said:
Will it be listed on escrow docs, or is it a separate expense?
I don't remember paying this fee, but the last refi was a pain- they requested a whole lot of things from HOA. I should find out what/how much I was charged..


IrvineRealtor said:
Wait until you find out how much they charge to print copies of the CC&Rs and other Docs. It's highway robbery.

-IR2
Click to expand...
Click to expand...
 
My HOA is managed by PCM.  My loan lady said I would probably have to pay a fee when I was buying my house, but PCM ended up providing whatever she needed for free.
 
You must log in or register to reply here.
Back
Top