|
|
|
|
|
|
|
|
|
|
| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
|
|
|
|
|
|
| You are not authorized to post a reply. |
|
|
| Author |
Messages |
|
ScottH1
(Arizona)
Posts:2
 |
| 08/20/2006 1:00 AM |
|
| Well we are in AZ and need to find out since we are a non profit ORG. Can we take over a home in our park that has been abanded and it is know basicly in limbo. There are dues owed on it a couple of years on it. If we were to take it over can we sell it for more than the dues or just what is owed because we are non profit any one who has any idea would be great. |
|
|
|
|
CharlesW1
(Georgia)
Posts:821
|
| 08/20/2006 5:35 AM |
|
ScottH1,
I’m interested in reading what other advice many of the people on this board give to you. I see you are coming back for more advice according to your post. Must have gotten some good advice then!
I’ll be following alone as you receive responses to your post.
I would think if you could buy the property legaly you would be able to pay the amount owed for dues and what is being asked for the property itself and that would be all.
I really don’t have a clue though
Best of luck to you
Chuck W.
|
|
Charles E. Wafer Jr. |
|
|
GeraldT1
Posts:0
|
| 08/20/2006 6:13 AM |
|
ScottH1,
Check your HOA's Master Deed, and governing documents, does it allow the HOA to buy, sell, encumber, or lease property within the HOA?
I think it's a good idea if the property sells, it's in no one's bes interests if the property sits vacant.
Best of success!!
GeraldT1
NNJ |
|
|
|
|
JulieS
(Georgia)
Posts:412
|
| 08/20/2006 7:33 AM |
|
Everytime a home is listed in the legals for forclosure, out attorney notifies us in case we want to purchase it and resell to collect any outstainding debt associated with the property & HOA. The problem is that we do have enough cash on hand to purchase the home.
If you are considering this, you will want to research the property to see what type of liens it has (taxes, etc.), how much work and money will be required to get the home in good condition, and will it be worth while financially to the HOA? |
|
|
|
|
RogerB
(Colorado)
Posts:3725
|
| 08/20/2006 9:20 AM |
|
| Scott, you can not just "take over a home". If the abanded property needs repairs your Declaration probably allows making these repairs and charging the property for all costs. And you can file a lien which includes repair costs, in accordance with AZ statutes. You can foreclose on the lien. Then if the HOA choses to try to purchase the property the controlling HOA documents usually provide the Board with this authority. |
|
Roger Borcherding
Official HOATalk.com Sponsor
DARCO Property Management (Colorado)
(303) 925-0150 
*See legal notice below (end of page) or go to www.hoatalk.com/legal |
|
|
HaroldS
(Arizona)
Posts:904
|
| 08/20/2006 9:27 AM |
|
| Scott - In Arizona an HOA assessment (if that's what you mean by dues) is an automatic lien until paid. You are entitled to foreclose, but if you do you will have to pay off any liens or encumbrances prior to yours, the first mortgage, real estate taxes or other gov't assessments. Check out Arizona Revised Statues 33-1807 for complete details. It is too long to copy & paste here. It would be wise to check where you stand in line and the likelihood of what you could reap. If the home was abandoned, it might not be worth enough to pay off all lien holders. Harold |
|
|
|
|
|
| You are not authorized to post a reply. |
|
|
General Legal Notice: The content of forum messages are from the posting member and have not been reviewed nor endorsed by HOATalk.com. Messages posted by HOATalk or other members are for informational purposes only, are not legal or professional advice and do not constitute an attorney-client relationship. Readers should not act upon this information without seeking professional counsel. HOATalk is not a licensed attorney, CPA, tax advisor, financial advisor or any other licensed professional. HOATalk accepts ads from sponsors but does not verify sponsor qualifications nor endorse/guarantee any sponsor's product or service.
HindmanSanchez Legal Notice: (For messages posted by HindmanSanchez) This message has been prepared by HindmanSanchez for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Members of HOATalk.com should not act on this information without seeking professional counsel. Please do not send us confidential information unless you speak with one of our attorneys and get authorization to send that information to us. If you wish to initiate possible representation, please contact an attorney in our firm. Our attorneys are licensed to practice law in the state of Colorado only.
Legal Notice For Messages Posted by Sponsoring Attorneys: This message has been prepared by the sponsoring attorney for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Readers of HOATalk.com should not act on this information without seeking professional counsel. Please do not send any sponsoring attorney confidential information unless you speak with the sponsoring attorney or an attorney from the sponsoring attorney’s firm and get authorization to send that information to them. If you wish to initiate possible representation, please contact an attorney in the firm of the sponsoring attorney. Sponsoring attorneys that post messages here are licensed to practice law in a specific state or states as indicated in their message signature or sponsor’s profile page. (NOTE: A ‘sponsoring attorney’ is an attorney that is a HOATalk.com official sponsor and is identified as such in the posted message or on our sponsor page.)
|
|
|
|
|
|
|
|