Re: Weird RFI seeking copies of our HOA Docs, Budget and Insurance Info
From: Raines Cohen (rc3-coho-Lraines.com)
Date: Wed, 13 Jul 2016 10:09:43 -0700 (PDT)
As several other posters in this thread have commented, it's probably legit
- check with the property's sellers for the buyer's lender's info.

There are perhaps three reasons they are reaching you via the community's
website:

1. Expediency -- it is a handy point of contact, and very often
individual-home sellers in condos don't have current contact info for
officers or even know who they are.

2. Laziness - Why dig through files when you can do a Google Search? These
companies process lots of these eery day, and the only way to make money at
it is to underpay inexperienced staff and keep the pressure on for
production/completion of reviews.

3. Fraud Prevention -  (this is what I think is the most likely reason for
routine inquiries by this channel) by going through the association's
official website, they can make sure they are getting the official skinny
on any liens/unpaid dues on the unit, special assessments that could make
the loan riskier, legal issues, problematic clauses in your documents, or
other challenges. And not having the wool pulled over their eyes by some
fake info from a fake "officer" submitted by the buyer or seller. In the
wake of the 2008 banking/finance shenanigans, doing extra checks like this
has become, unfortunately, standard procedure for some.

99% of US cohousing communities are condos, so it's an understandable
mistake; probably it's a form letter sent to all communities with an
association of some kind.

Since they identified the lender and the property address, presumably you
know who the buyer is, and can ask them to verify through their lender that
you can release the information.

If someone is joining your community and you don't know who the buyer is,
that's a bigger issue, with far greater ramifications.

Raines Cohen, Cohousing Coach (at Berkeley (CA) Cohousing)
http://www.CohousingCoaches.com/

   on the train to St. Louis to represent cohousing and ecovillages at the
Netroots Nation national progressive-activist blogger conference

On Mon, Jul 11, 2016 at 7:57 PM, Thomas Lofft <tlofft [at] hotmail.com> wrote:

> Have any other cohousing communities encountered this kind of an RFI
> (Request For Information), especially recently?It is seeking copies of our
> condo docs, although Liberty Village is not a condo.I have almost forty
> years experience in real estate and never heard of this company or of the
> alleged mortgage company, but that doesn't mean they don't exist, however
> in this booming century of scam-a-minute hustles, I triple check every
> shark I've never been bitten by before.
>
> The weirdest thing was they submitted this RFI direct to our inquiries
> e-mail via the community web site, not directly to any member of the BOD or
> HOA management.Further, they did not offer any authentication by the
> alleged lender or from any subject client party of either company.
> My Corollary RFI: Do you typically see any/many/every prospective purchase
> lender asking for your Association budget, insurance policies, or
> generically identifying every HOA as a condo?
>

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