HOAleader.com - Tip of the Week - July 17, 2009
Published: Fri, 07/17/09
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HOAs and Short Sales:
What To Do First When an Owner Proposes a Short Sale
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For this week's tip, we spoke with Timothy J. Zimmerman, an
attorney at Vial Fotheringham LLP in Portland, Ore., who advises
condo and homeowners associations.
If your association receives a request to approve a short sale,
your first step should be to determine if the homeowner already
has a title or escrow company involved with the sale. If so,
request a preliminary settlement statement so you can confirm
the sale price and see who's walking away with how much money
after the sale.
Timothy explains, "Owners may understate the price or say
they're not going to get anything out of the deal. In fact,
when you see the settlement statement, you see they're
proposing a short sale with the intent of them walking away
with money."
In cases such as this, Timothy's philosophy is straightforward:
"If the association is going to take a hit, it doesn't make sense
that the owner should be coming out with money at the tail end of
the sale. That's money the association is owed, and owners should
be paying the association first."
For more information on short sales, see our brand-new article:
http://www.hoaleader.com/members/308.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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Short Sales: What Your Homeowners Association Must Know
If your association has owners who are delinquent in association
dues and fees (and which association doesn't?) you could be
approached about the possibility of agreeing to a short sale. Do
you have a choice? Will you recover anything? Here's what your
association should keep in mind in crafting a response.
Click here to read full article:
< http://www.hoaleader.com/members/308.cfm >
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Comfort Animals and HOAs: Do You Have to Accommodate and Bend
Your Pet Rules?
This week's tip is about comfort animals: pets that improve the
mental or physical health of a patient. In some cases, comfort
animals must be treated as any other legal accommodation for a
disability.
Click here to read full article:
< http://www.hoaleader.com/members/307.cfm >
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HOA Pet Rules & Required Accommodations: The Facts About Comfort
Animals
Is Fido a medical necessity, or are we being taken for chumps?
That's the question HOA board members are asking themselves as a
growing number of owners claim that their beloved pet isn't a
violation of their association's rules but a critical part of
their medical treatment.
Click here to read full article:
< http://www.hoaleader.com/public/306.cfm >
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Love Thy Neighbor? Owners in HOAs Tell All
Your neighbors are a huge factor in whether your home becomes
your haven or your hell. Here, homeowners dish about the
neighbors who've done things to make their lives better and those
who've been so unneighborly that they wish they'd just move away.
Click here to read full article:
< http://www.hoaleader.com/members/305.cfm >
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Homeowner Harasses HOA Manager--and Pays the Price
In March, a judge held a Southern California homeowner in
contempt for violating a restraining order obtained by his
homeowners association after the owner relentlessly harassed his
association's managers. Here's the back story, and what you
should watch out for in your condo or HOA.
Click here to read full article:
< http://www.hoaleader.com/members/304.cfm >
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