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HOA defaults and Litigation ruin resale values

Real Estate Agent with Coldwell Banker San Jose Realtor 01234623

Last weekend was my biggest weekend for one specific property.

No, it wasn't an open house. As a matter of fact the home was pulled off the market weeks ago.

5 calls in one day.

The property is a Townhome near the Great Mall. Close proximity to everything High Tech jobs, Freeways. Perfect setting. The home has three bedrooms 2 upstairs master suites and one smaller Master downstairs. The draw is for Rental and families alike. Due to the price (lower than the rest of the complex, and lack of homes listed) This one became desireable all of a sudden.

Come to find the Litigation on this home makes it near impossible to obtain, with a 100% cash clause now strapped to it.

I had multiple buyers one being all cash, but once he seeked advise from others within his community of friends chose not to go forth in writting the offer. There is still one buyer wanting to get financed with 75% down still waiting to hear the outcome of this one.

I came across this article and wanted to share:

Q: Times are tough. I work for my state, which has budget problems and is requiring me to take one day per pay period off work -- for no pay. I'm barely keeping up with my adjusting mortgage payments on my condo. Some months I struggle to pay my HOA (homeowners association) dues. What will happen if I can't keep up with them?

A: If your mortgage payments have begun to adjust already, you really should talk with your lender about the possibility of a loan modification, to make ends meet a little bit easier. If you need guidance, contact a HUD-approved homeowner counseling agency such as www.HomeFreeUSA.org, which will run interference with your lender at no cost to you (Well, no cost beyond your tax dollars that fund their programs!).

Have a great weekend!