Do you know if you live in a condo community and your neighbors are delinquent with their association dues it could hinder your ability to sell you home?
If more than 15% of homeowner’s are 30 days past due on their homeowners association (HOA) dues the community is rendered ineligible for most types of financing. Delinquent HOA dues are the number one reason condo financing is declined in process during mortgage.
This unwanted news does not need to be a surprise midway through your transaction. As a homeowner you can get the delinquency informtion by making one phone call to the HOA prior to listing your home. You can find out if the past due number is 2% or 50%.
It is also a good idea to find out if there are any pending lawsuits against the HOA. Lawsuits against the HOA and/or builder involving the structural integrity of the properties automatically make the house ineligible for most types of financing.
Wallingford PA Real Estate – Wallingford, PA 19086