Hogtied & Hammered By Transfer Fee!
I knew it was coming. I just didn’t realize how massive the damage would be. It’s huge.
Some close friends just sold their HOA home in Highlands Ranch, Colorado. Before they could sell their house they had to come up with $10,000 at closing, much of that for a Transfer Fee. The Realtor didn’t warn them (they rarely do). Despite me writing Neighbors At War, and doing this blog nightly, these friends just didn’t understand what was coming. It’s hard for younger folks to listen to the ‘old man.’ I’m embarrassed to say that at their age I never listened to my own ‘old man’, either.
But these friends had counted on that $10,000 to help with the down payment for a new house (again, in an HOA!). In their position I would be seething with bitterness.
Dear Readers, Colorado Realtors stood silent when Homeowners Rights advocates tried to convince State Legislators that Transfer Fees are fundamentally unjust and illegal. Just three years ago the state passed a law which actually declared transfer fees to be illegal (except in Homeowners Associations). Why the exception for HOAs? Well, just a single HOA lobbying group takes in 55 billion dollars a year. How in Hell does an insider industry group NOT use that kind of money to ‘buy’ legislation?
Shame on the corrupt HOA lobby. Shame on the greedy legislators. Shame on the Realtors who stood silent when they could have made a difference.
I really think our rising movement should take aim at Realtors. They make 7% on a home sale. On a $400,000 house that’s $28,000. All homeowners should begin demanding that Realtors agree IN WRITING that they will pay the cost of all transfer fees. You don’t agree? You don’t get the listing.
Maybe those Realtors will join us at the Legislature next year.