Friday we will closed a short sale transaction for a client that is a lot different than most transactions we see. When this client first came to us, he was only a month behind but he was a month behind because he told us that he was being fined daily by his homeowners association. I asked what for and his response was “you name it” and boy was he not kidding.
This client purchased this home as part of the American Dream, he wanted to have financial stability and own real estate. He purchased the home with the intent to rent the property and make a profit. Approximately one year after he purchased the home, the homeowners association changed the rules that you could not rent property within the community. They sent him certified letters and he began to fight a battle, however, “the majority voted” and he was on the losing end of the battle.
He couldn’t afford to sale the property due to the market and he couldn’t afford to keep the property because he didn’t have the income to pay for it. Now, apparently once you get in the sights of a homeowners association, you as now their target, since he contacted us, they have fined him daily $25 per day because there was a trash can “visible from the roadway” and they have also fined him $15 per day because he did not have a door on his mailbox.
I understand that homeowner associations are there to “protect” the community, however, at some point they are a liability to the community as well. The homeowners association caused the neighborhood to lose value by forcing the short sale and unnecessarily caused the bank to take a loss due to the changes they felt a need to change.
If you are a victim of your homeowners association, contact 2ShortSaleGuys today for a free confidential consultation and let us give you some advice on how you should proceed. Not all cases are going to warrant a short sale of your home based on the homeowners association, however, in this case that was the only hardship.
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