East Valley Real Estate: Should I pay my HOA dues if I am going to do a short sale?
When you are in a financially stressed situation, you may start thinking about skipping some of those bill payments. Be warned! Skipping the HOA payment may make is LOT harder to get that East Valley short sale approved.
If your account is delinquent, the Homeowner’s Association may decide to place a lien on your property which prevent the sale of the property until the lien is cleared. But it gets worse…if you decide to let your home go into foreclosure the HOA can still come after by defining the delinquent account as a person liability.
We have a packet we go through when listing East Valley short sale homes and one of the first things we discuss is keeping current on your HOA dues. The bank should be looking at the bottom line and the bottom line only, but they often are going to stick their heels in the sand and fight back on HOA dues. It is just much easier to keep current on your HOA dues if you are looking to get your home sold.
The best approach…keep that HOA account current.
Thanks to Sasha Lopez for keeping Kristin in line with her rambling.