How it started
We help title companies, lenders, and investors to eliminate HOA hurdles and take back control of the documents acquisition process. Here is how it happened.
There was a broken process
This is Anton, one of our founders
He once decided to buy a condo in Stamford, CT. And it all went well until he encountered his HOA.
Anton had never heard about HOAs and didn’t have the slightest idea of what they do. Turned out, he needed to request some documents from them, which did not sound too complicated.
But here came the problem – acquiring HOA documents is not a very efficient process, and Anton’s HOA wasn’t an exception. Being lucky, Anton managed to obtain the documents – hundreds of pages of legal language that took him days (more like weeks) to understand.
His coworker, and one of the other founders of Rexera, Vishrut, shared his story of how he did not pay much attention to the bylaws and ended up paying over $1000 in monthly HOA fees (instead of the $600 stated in the initial contract). Vishrut also shared the story of how he lost $20,000 because of the HOA-related closing delays when trying to sell his house.
Anton got a sweet deal, didn’t lose anything, and had a stable HOA fee, but he never wanted to deal with HOAs ever again. And he figured other people didn’t either.
So Vishrut and Anton decided to help their fellow homebuyers and started a side hustle – a website where anyone could upload their HOA documents and get help understanding them.
The turning point
As you probably guessed, they got pretty popular pretty fast. Atin, our third founder joined right in time to find the perfect way to help the industry. Together, the team continued to build the largest (to the best of our collective knowledge) HOA database in the country.
They quickly realized that Title companies have the biggest pain points when it comes to HOAs when one of their first institutional clients introduced them to their internal Title division.
That’s how the team found that Title companies are our real-life everyday heroes. They are the ones finding HOAs and chasing them for documents, communicating fees, and the options for rush orders, all while making sure nothing would delay or throw off-track the transaction.
Escrow officers have to fight through hundreds of pages of paperwork, delays in responses, closing timelines being pushed, and client concerns. But, it turned out that lenders and investors also fight these battles with HOAs to close deals and bring clients to their dream homes.
And this is how Rexera started.
This is a huge win for us – so THANK YOU for all you do!"
