Selling a home in an Association has its own processes, and if not carefully followed, could be frustrating for the homeowner. It is important for a homeowner to investigate and find out the financial security of their association before deciding to place their property in the market, because this determines whether the house will be sold  fast or the process will slow down.

There are certain procedures that lenders look at before they decide to offer mortgage to a potential buyer for your HOA home. If you are aware of what they will find, then you are in a better place to decide whether it is the right time to sell your home or not. For a Condominium or an association home, the lender looks not only at the financial situation of a buyer, but also the financial situation of the association or HOA.

If an association is experiencing problems regarding things like lawsuits, insurance, or limited cash reserves then most likely the sale might be turned off or even cancelled. If as a homeowner you have association dues or the community has too many renters, it will also affect your home sale and how long it will take before it goes through. In order to obtain financing, it is important for a HOA to have a master insurance policy that caters for community amenities and other common areas.This covers liability issues that may arise in between mortgage payments.

If there are too many fee delinquencies, this prevents the seller from getting their condominium in the market comfortably.  Reducing the number of fees to at least ten percent of homeowners means there is a high chance of getting a buyer. As a seller of a HOA or condominium, it is important to sit down with one or several board members and discuss issues which might affect financing options available. If a community has FHA approval, this is an almost definite selling point for buyers.

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