So you’ve finally gotten that wonderful new job in another city and you’ve gotta put your condo on the market. Well, get ready for some bad news. The boards of Homeowners Associations just love killing real estate transactions. And they’ve got lots ways to do it.
An article in Marketleader.com talks about a few of the ways a Homeowners Association can kill your deal to sell your home to a prospective buyer.
If your HOA has a history of filing liens and lawsuits against homeowners, you might as well donate your property to a charity. You’ll never sell it. And a mortgage company will never let your buyer make the purchase.
If your HOA has any kind of legal history (think Trayvon Martin) then your contract with the new buyer is probably dead.
If there’s any history of discrimination or construction defect litigation, then you may as well kiss your home equity bye-bye.
The mortgage companies are getting wise.
Ladies and Gentlemen: Behold the monster you have created!