Should I Continue To Pay My Condo Fees When Doing A Short Sale?

By
Real Estate Broker/Owner with Maxus Realty Group - Broker 301-246-0001 Broker - Realtor - CEO

 

short sales help“Should I Continue To Pay My Condo Fees When Doing A Short Sale?”

Did you know that when distressed condo owners stop paying their fees,  the consequences are inevitable.

The association could easily put a lien on your property and create havoc to your short sale negotiation. .

All lines must be sattisfied before a short sale is completed . . and this one is the easiest to avoid with the help of the client

The answer is YES!
You kmay not be paying your mortgage. .

but a smaller condo fee shoudl be priority to continue paying it.

Another unintended consequences is that without the fees or enough fees, your association will not able to fulfill its obligations and even have enough money to pay for the utilities. In that case your condo or townhouse could become a toxic home for sale that no one would touch it.

We take notice of these cascading consequences, and see first hand how damaging could be to everyone involved.

I always ask my distressed condo or townhouse homeowners to continue making the HOA / CONDO payments during the short sale process if they can manage.. .

Check This Video For More Clarifying Information

 

 

What To Do Now?  

Go Here

http://www.reallynicehomes.com/short-sales-expert-maryland-virginia/

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 01/13/2013 07:44 PM
Topic:
Real Estate Market Trends
Location:
Maryland Montgomery County
Groups:
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Short Sales Pre Foreclosures Bankruptcy and More!
2013 BIG Jumpstart Blog Challenge
Tags:
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Courtney Cooper
Ben Kinney Brokerages Leadership at our Keller Williams North Seattle Office - Seattle, WA
206-850-8841

Very good point to bring up and a great reminder that it is important to keep up with some things even in a distress situation.

Jan 13, 2013 03:38 AM #1
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

We see so many that don't pay those fees and then there are even more problems with getting the short sale completed.

Jan 13, 2013 05:27 AM #2
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Grteat and very important information .Everyoone should pass this information along !

Jan 13, 2013 06:39 AM #3
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Sheila Newton Team Anderson & Greenville SC
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
Selling the Upstate since 1989

I almost had a short sale fall through last year over the HOA fees. It is never a good idea to let those build up!... Great blog and info!

Jan 13, 2013 08:47 AM #4
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Fernando Herboso - Broker for Maxus Realty Group

301-246-0001 Serving Maryland, DC and Northern VA
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