Timeline for Can't sell my house because of HOA delinquency rate
Current License: CC BY-SA 3.0
16 events
| when toggle format | what | by | license | comment | |
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| Aug 8, 2017 at 21:35 | comment | added | Steve | Why are you made that someone owns a majority of the properties? Obviously they are paying their HOA dues. I'm sure if that entity didn't own 52% of the units the HOA delinquency rate would be much higher. | |
| Jan 24, 2015 at 2:17 | comment | added | littleadv | @user24928 FHA-backed loans require a limit of certain percentage of rentals in an association, so if the community was designed to be part-rental to begin with you may have a problem there. Anyway, get a good mortgage broker to help you. | |
| Jan 23, 2015 at 20:02 | comment | added | user24928 | Just found out that the owner owns 50% of the rental homes. Part of the community was designated for affordable housing. | |
| Jan 23, 2015 at 19:50 | comment | added | Joe | One owner owning half of the properties in a HOA can be a sign that prices are not stable; in particular, that owner can easily manipulate prices in the area, but it also usually arises when prices are weak. The large owner might be looking to buy out all of the properties in the area; if nothing else it indicates a high percentage of renters in the area (or unoccupied properties) which depresses value. Thus it would be a much bigger risk for the lender. (That's why basically all of these rules are there.) | |
| Jan 23, 2015 at 19:30 | comment | added | jamesqf | Yet another reason never to buy a house/condo with a HOA. | |
| Jan 23, 2015 at 17:27 | history | edited | JTP - Apologise to Monica♦ | CC BY-SA 3.0 |
added 13 characters in body; edited title
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| Jan 23, 2015 at 17:24 | history | tweeted | twitter.com/#!/StackFinance/status/558676619855151104 | ||
| Jan 23, 2015 at 16:52 | comment | added | littleadv | Why would the 52% owner be responsible for your problems? And HOA can't do much against delinquencies other than putting liens and threatening foreclosures, which won't make your unit any more sellable... | |
| Jan 23, 2015 at 16:38 | answer | added | Rocky | timeline score: 6 | |
| Jan 23, 2015 at 16:17 | comment | added | dg99 | HOA issues are the thing I fear most about buying a condo (or other association-governed property). | |
| Jan 23, 2015 at 15:06 | comment | added | user24928 | @CraigW The seller decided to switch to Quicken Loans half way through and I guess Quicken waited until the last minute to check this all out. | |
| Jan 23, 2015 at 15:05 | comment | added | mhoran_psprep | With a condo they also look at the percentage of renters. If there are too many that can block a mortgage. | |
| Jan 23, 2015 at 14:32 | comment | added | Craig W | Out of curiosity, how did you get to within a few days of settlement on the sale with these issues? Did the buyer's lender not check on these things earlier? | |
| Jan 23, 2015 at 13:37 | comment | added | Peter K. | Perhaps you can do what this page suggests: bankrate.com/finance/real-estate/… | |
| Jan 23, 2015 at 12:17 | review | First posts | |||
| Jan 23, 2015 at 13:48 | |||||
| Jan 23, 2015 at 12:16 | history | asked | user24928 | CC BY-SA 3.0 |