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HOA companies aren't necessarily the most caring people to work with when doing a Short Sale. Delinquent HOA dues, Upfront Fees, and Transfer Fees are things that need to be paid before closing a Short Sale. Most times, banks will not pay for the delinquent HOA dues nor will they pay for the HOA doc fees. Most of the time, however, they will pay the $100-$300 transfer fee. Most HOA companies in California are governed by the State Dept. and when the dues become delinquent, the account is transferred to a collection agency. Most companies in Northern CA transfer the account to a collection company called Allied Trustee Services, who handle the collection of the unpaid dues. On top of the dues and late fees associated with the accounts, Allied Trustee Services also charges their own fees which add on approx. $1,000-$3,000 dollars to the amount originally delinquent. This makes everything a lot more complicated and not only is it a pain to have to go back and forth when negotiating the amount to settle the dues, it is also very difficult to come to a settlement with these companies because right off the bat, they say they are unwilling to accept settlements. I believe we as CA Realtors, should start a class action suit against these HOA companies and try to get something signed into law in order to prevent these companies from adding more burden to the already distressed Short Sale properties.

 


Bank of America's Promissory Note Agreement!
Georgio Konstantaras (Prudential California Realty)
Bank of America's short sale department requires that a seller of a short sale agree to some sort of repayment plan of the deficiency balance or a lesser negotiated amount. It is the agent's job to negotiate on behalf of the seller, a lesser amount…
Do You Know Someone With Less Than Perfect Credit? Of Course! Who Doesn't?!!
Georgio Konstantaras (Prudential California Realty)
In today's economy, almost everyone has some bloches on their credit. In our industry, fair to good credit is essential in order for the buyers we work with to purchase property. I have been with a company that specializes in credit restoration. I…
Buyer Sues Lender Over Short Sale
Georgio Konstantaras (Prudential California Realty)
Check out This Blog Post By Ms. Weintraub. What a Story! Via Elizabeth Weintraub, Sacramento Real Estate Broker : I'm certain there are plenty of real estate agents, present company included, who are tickled pink over this development. Seems a…
Working With Two Banks on A Short Sale???
Georgio Konstantaras (Prudential California Realty)
We all know that Short Sales are very tough to do because of the time it takes to get an approval from the bank. Dealing with one lienholder can save a whole lot of time and stress because there is only one lien against the property, but when…
Posting a Link to Your DRE for Consumers to Check License Status
Georgio Konstantaras (Prudential California Realty)
A good idea came to mind today as I was roaming my local Department of Real Estate's website. If you take a minute and think of what it is clients look for in an agent, what comes to mind? Let me tell you what I thought about. I was thinking that…
HSBC Short Sale, Tate & Kirlin Scamming!!!
Georgio Konstantaras (Prudential California Realty)
I am currently closing a Short Sale with HSBC being the second lienholder. I have been running into a few obstacles with them and would like to share these obstacles with everyone so they may not have to go through the same problems I did. When…
The Short Sale Transaction. The Basics to Do a Short Sale!
Georgio Konstantaras (Prudential California Realty)
Being involved in the Short Sale industry, I have seen a handful of things happen when dealing with the banks. From time to time, I am able to get in contact with someone who actually cares about what they do and are not just trying to boot you off…
 
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Georgio Konstantaras

Brentwood, CA

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Prudential California Realty

Cell Phone: (925) 354-6244

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