Homeowners Associations can fine you for painting without signed approval
You and the Homeowners Associations

You and the Homeowners Associations


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black houseSome things you should know about Homeowners Associations before you buy.

 

When it comes to Homeowner Associations knowledge is your only weapon. There are pros and cons to buying and living in a deed-restricted neighborhood that you need to weigh very carefully. Some brief tips to keep in mind in any situation regarding an HOA:

              1. Read the fine print.  While this applies to everything in life, it is double so for Homeowners Associations. Buying a home is the biggest purchase most people will ever make so do not let a technicality get you.
              2. Always do your research and double-check the laws that apply to your state and/or county.
              3. Be aware that, depending on where you live, many HOA’s can and will foreclose on your house for overdue fees. This will leave you with a mortgage payment on a house that you no longer own.
              4. Talk with the neighbors. You would be surprised of how much valuable information and assistance your neighbors or potential neighbors are willing to give you.
              5. Overdue Homeowners Association fees in the hundreds can quickly spiral into the thousands after attorney’s fees.
              6. Some Homeowners Associations divide the fees into 2 departments. They usually split up the general neighborhood fee and the pool or recreation center. Regardless of confusing this is you will have to pay both. I have seen people fall very far behind on their dues and   threatened with a lien because they were unaware of this secondary HOA bill.
              7. Depending on where you live, if you are bidding on a house at auction, make sure you are not bidding on the Homeowners Associations junior lien. Many people have bid upwards of 100 thousand dollars on the junior lien of a house that they will typically only own for less than a year. However, this does not always apply to Nevada where the HOA lien can extinguish the bank lien.
              8. Depending on where you live, if you do lose your house to a Homeowners Associations foreclosure auction, you may be entitled to the surplus.

 

Homeowners Associations can fine you for painting without signed approval

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