|Re: Foreclosures and short sales||<– Date –> <– Thread –>|
|From: Bryan Syverson (bryan.syversonfresnocohousing.org)|
|Date: Wed, 11 Feb 2015 09:52:17 -0800 (PST)|
Here at La Querencia Fresno Cohousing, we've had 3 foreclosures since opening in October 2008. We have 28 units and only sold the last unit in July 2014. The real estate crisis hit us hard and our development company really took it in the shorts. Two of these were strategic foreclosures: the owners decided they no longer wanted to live in cohousing. There were still unsold units, they had purchased at full development price and could never have sold their unit for the amount owed. Both of their units, however, were purchased by renters who have turned out to be fantastic members of the community. The third foreclosure was due to a job loss and injury that caused financial hardship but the bank and the owners could not negotiate acceptable payment terms. That unit has also been purchased by someone very interested in cohousing. The only thing I would caution is to be very attentive to the exact date the foreclosure happens: what date did the bank take ownership. In one case, the date we were told by the owners was different from the actual date by a month and a half. This matters because the bank will pay HOA dues - and late fees - from the date they take ownership, but prior to that it is the original owners' responsibility. In our case, the owners were kind enough to pay the back dues, but we had no leverage at that point. We would have had to file a lien but the costs of doing so would probably have been more than the dues we were trying to collect. Luckily it worked out. Having a list of interested buyers whom you can refer to the bank is your best defense against the unit being sold to someone as a "plain-old condo" rather than someone interested in cohousing. -Bryan Syverson HOA President & former Treasurer La Querencia Fresno Cohousing
- Re: Foreclosures and short sales, (continued)
- Re: Foreclosures and short sales Elizabeth Magill, February 11 2015
- Re: Foreclosures and short sales Diana Carroll, February 12 2015
Results generated by Tiger Technologies Web hosting using MHonArc.