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2018-08-08 11:45:26
Considering A short sale? Pay your HOA dues! Woman loses home after HOA auctions almost $500K home for $30K

In Nevada, the law allows Home Owner Associations to auction off homes for unpaid HOA dues. The HOA is entitled to what is known as a 'Super Priority Lien'. This lien could take presidents over your mortgage holder. The HOA has the right to auction off your home for unpaid dues and fines.

This property was a lovely 2400 square foot, 4 bedroom home in the desirable area of Summerlin.

Due to medical problems and deaths in the family, the owner was unable to keep up with bills. The economy wasn't what it once was, the owner filed for bankruptcy.

Still behind in not only her mortgage, but her HOA dues as well, the home owner decided to short sale.

After placing her home on the market, the home owner was able to open escrow with a strong buyer. The purchase amount was $450,000.00.

The sale never closed. While in escrow, the HOA sold this home at auction for $30,000.00 in response to years of unpaid association dues.

The HOA claims they were never notified of the short sale.

A successful short sale requires an experienced short sale agent to help you navigate through all the twist and turns including negotiating with your home owner's association.

Don't let a story like this be your story. Call me today if you're considering selling your home.

 
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2018-08-08 11:45:26
Considering A short sale? Pay your HOA dues! Woman loses home after HOA auctions almost $500K home for $30K


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