http://www.rethinkrealestate.com/http:/www.rethinkrealestate.com/hoa-defaults-derail-financing/ Sun, 19 Jun 2011 06:01:01 +0000 hourly 1 http://wordpress.org/?v=3.3 http://www.rethinkrealestate.com/http:/www.rethinkrealestate.com/hoa-defaults-derail-financing/comment-page-1/#comment-5982 Maralyne Sat, 16 Oct 2010 22:44:32 +0000 http://www.rethinkrealestate.com/http:/www.rethinkrealestate.com/hoa-defaults-derail-financing/#comment-5982 I own a condo that has been listed for sale. I have accepted an offer that is contingent upon a new 80% LTV loan. Since my HOA is so poorly run the propsective buyer cannot obtain financing - the complex was built in 2006 and the HOA has Zero Dollars in reserves, greater than 15% delinquencies and no fidelity insurance with more than 20 units. The mortgage company is also wary because of a large number of units being rented - obviously the owners who can't sell to cash buyers are becoming reluctant landlords. What is my recourse against the HOA? I paid cash and my condo is in impeccable condition and I have a buyer with 20% down who is ony seeking "normal," conventinal financing. With all of the strikes against HOA the mortgage company cannot make an exception. Isn't the mis-management on the part of the HOA a breach of fiduciary responsibility? Their actions (or lack of appropriate actions) have devalued my property, my investment, through no fault of mine. What can I do now? I own a condo that has been listed for sale. I have accepted an offer that is contingent upon a new 80% LTV loan. Since my HOA is so poorly run the propsective buyer cannot obtain financing – the complex was built in 2006 and the HOA has Zero Dollars in reserves, greater than 15% delinquencies and no fidelity insurance with more than 20 units. The mortgage company is also wary because of a large number of units being rented – obviously the owners who can’t sell to cash buyers are becoming reluctant landlords. What is my recourse against the HOA? I paid cash and my condo is in impeccable condition and I have a buyer with 20% down who is ony seeking “normal,” conventinal financing. With all of the strikes against HOA the mortgage company cannot make an exception. Isn’t the mis-management on the part of the HOA a breach of fiduciary responsibility? Their actions (or lack of appropriate actions) have devalued my property, my investment, through no fault of mine. What can I do now?

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