Home Owner Associations, Condominium Associations, and Co-operatives are filing for bankruptcy at staggering rates. As Fountain Hills property owners are not able to afford their mortgages, they often choose not to pay their association dues which can cause problems for everyone who is a part of the community.
As a result, Home Owner Associations and Condominium Associations are not able to pay for the expenses they had planned for. This could include areas in common such as roofs, plumbing and other structural aspects of properties. Several condominium associations also include in their monthly assessments water, gas and electric. Some even pay for cable tv and garbage removal.
When an association is not able to pay for roof, plumbing and other repairs this can cause a further devaluation of property and poor living conditions for the entire community.
If you are already a part of a Homeowner’s Association where you live, you have the right (as a property owner) to the most recent financial statements of the HOA. Keep up with how your HOA is doing by attending meeting. If you are aware that many homeowners are in financial trouble I would suggest you check the financials quarterly.
If you are under contract to purchase a home in an HOA you will be able to review the financial documents before you close escrow. Be aware of capital improvement fees that some association tack on as transfer fees to make up for lost revenue.
Don’t wait until your HOA files for bankruptcy protection to learn that your dues are not going to be getting the services you thought in return.
Let me know if I can answer any questions for you about Fountain Hills neighborhoods, price trends, best buys,local foreclosures, etc.? You can call/text me at 480 888 6708 for a quick response to your questions.
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[…] hurdle that I had to overcome was learning about HOA’s. Most of the master planned communities in the Chicago suburbs were located in newer communities […]