Processing requests for sales and refinances is an important duty of a property management company. From start to finish, First Community Management will provide guidance to unit owners and other involved parties to help ensure a seamless transaction.
We partner with HomeWise Docs to make information available throughout the process. Their service helps to simplify the tasks of disclosing information for a unit sale or refinance with many conveniences.
Homeowners and/or their agents can obtain sales and refinance documents such as paid assessment letters, 22.1 (Condominium) or Sec 1-35 (Homeowner Association) disclosures or lender questionnaires (standard or lender-specific) by logging in to www.HomeWiseDocs.com and selecting the “SIGN UP” link to register and create an account. Since there is such wide use of HomeWise by management companies, many Chicago area real estate attorneys already have an account set up in HomeWise.
The party ordering the documents pays for the order. Typically, the seller or seller’s representatives provide the disclosure statement and paid assessment letter, and the buyer or buyer’s mortgage company obtain the lender questionnaire.
As a courtesy, association documents such as the Declaration, Bylaws, Rules & Regulations, budget, articles of incorporation, meeting minutes, financials, seller packet, and buyer packet are included with the products and available for individual order at no cost. The same documents are available to community association members for free download when they login to their account at www.condomanagement.com.
When these documents are modified, such as a rule change, or new documents become available, such as additional minutes, they are quickly uploaded to HomeWise and condomanagement.com so that up-to-date information is always available.
The normal turnaround time is 10 business days. Last minute requests can be accommodated to allow closing to occur as planned, but require a rush fee as they disrupt the regular workflow.
While HomeWise helps to streamline the process, a team of First Community staff including the ACM, Community Manager, Asst. VP supervising ACMs, and FCM Accounting is working behind the scenes to process all sales documents and see the transaction through from pre-listing to post-closing.