Tuesday, January 18, 2011
Half of HOAs Struggling Financially
I always advise condo buyers to carefully review homeowner association documents carefully before closing a purchase, and now more than ever! Too many homeowner associations in the region have delinquent HOA dues accounts (some with owners still in place and some with bank-owned properties where the bank hasn't decided to pay arrearages yet), high proportion of renters (which can affect bankability for new buyers), and low reserve accounts. Of course I'll help you navigate these shoals. For a story describing the situation nationwide, ask me for an article from this month's Residential Specialist magazine (the magazine of the Council of Residential Specialists, of which I am a member) or read the source press release here.