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Solve the Puzzle: _ O _ Almighty (it's not what you think)

By
Real Estate Agent with www.dannyrealestate.com

Solve the Puzzle: The almighty _ O _  (it's not what you think)

Here's a couple of hints:

* It's all powerful

* It's all knowing

* It's fair and just as long as you follow the rules and contribue financially each month.

Okay, it's an easy one, clearly we are talking about: The almighty H O A as in Home Owners Association.

When you live in a CIC (Common Interest Community) you are like going to be governed and have to abide by the rules of the HOA. If you live in a Minneapolis Condo, loft, townhome or even some single family developments you'll want to get very familiar with your HOA. A couple things you need to know:

* Your HOA can foreclose on your home if you fail to pay the association dues. Not paying creates a hardship on the entire community as the funds are pooled to pay for the common amenities which can vary greatly from HOA to HOA.

* You need to understand the rules and regulations. When you buy in a CIC you are not only committing to your mortgage, but to the micro community. There are many cases right now in MN where it was clearly stated that rentals are not allowed. Owners are being forced to move for various reasons, but the value of their home prevents them from selling and if they can't rent there are not many other options. Buying into a CIC where rentals are not allowed under any circumstance needs to be taken into consideration.

*Get involved: If you want to have a say on how the HOA operates and spends YOUR money then join the board.

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