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Homeowners Associations Fines and Levy's are Short Sale Killers!

Reblogger
Real Estate Agent with Realty Works

Try to keep your Home owners association dues current.If not current they can cause issues with a short sale. Read my Dad's blog below and find out why.  

Original content by Sidney Kutchuk 01233850

 Avoid at all costs! Home Owner Associations Fines and Levy's, They can kill your Short Sale.
When dealing with the sellers lenders and negotiating short sales its amazing at what the banks will and will not pay for.Money
I get no grief getting them to cover thousands of dollars in back taxes,thousands again for closing costs,thousands for commissions,thousands in back payments. But ask for a $350.00 home warranty or $600.00 in back HOA fee's and they kick and scream.I am not saying it can't be done, but many times it's the little dollar items that can short circuit a short sale.

I never let the Home warranty become an issue, if need be I will pay it myself.The HOA back payments can sometimes amount to thousands of dollars.If I cannot get the bank to pay the back HOA fee's I call the homeowners association and ask when the next meeting of the board of directors is. I them get a note from the owners giving me permission to speak for them.

Busines ManOn the date of the board meeting I put on a suit and tie and bring the clients short sale file with me.These files are very thick legal binders and look very impressive. These board members are made up of homeowner and some are most likely also in trouble with their loans. I address them all looking them straight in their eyes plead my clients case.Its worked every time. I have got them to remove fines and waive fee's.They know that if the home can not be closed via the short sale the fees and fines will be wiped out in foreclosure.

Its best if the seller can keep the HOA dues current and at my first meeting with clients I let them know this is the one bill to pay if they can afford to.Don't let HOA fees and fines be deal killers!  Negotiate them away for your client.

 

Temecula Short Sale Agent, Cyber Sid at your service,

Sidney Kutchuk  AKA...Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
  
CALL ME, 951.215-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951.676-4663    DRE# 01156692 

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Comments (4)

Andrzej Niemyjski
Realty One Group - Sun City West, AZ

This is so true the smallest things can blow the whole deal up.

Nov 01, 2010 06:36 PM
Sharon Lancaster
Sage Executive Group Real Estate - Kelowna, BC
SRES, Realty Executives Okanagan

Another important factor is mortgage penalties ... I had a couple unable to close due to their refinance strategy 2 years ago. The penalty was $16,000.00!!

Nov 01, 2010 06:51 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Good job and smart.  Some HOAs may have an ax to grind but most do not.

Nov 01, 2010 06:52 PM
Glenn Ritchie
First Team Real Estate - Fullerton, CA
Realtor - The OC.

Good point Adam on the HOA dues. I like Sidney's appoach to the meeting with the owners. I had a deal where they foreclosed because on the Assoc dues were not paid for 3 years. I couldn't believe they would do that. 

Nov 01, 2010 06:58 PM