Rent and Manage Your Home
♫ Thursday, April 28th, 2011
In the year 2010, one of the most powerful entities in the successful negotiation of any residential real estate transaction are the Home Owner Associations (HOA) that govern a large percentage of communities. HOA’s have risen in prominence out of necessity. They are the governing body over half completed communities, or the responsible party for repairs to structures that are collecting 60% of the expected revenues due to vacancy in units. They have a tough role and are often scraping for every possible dime they can find.
HOA’s are also being forced to take a more pro-active role when it comes to non-owner occupied properties. When a property within an HOA is vacant, it may or may not mean the owner continues to pay their fees to the HOA. Unfortunately, in today’s economy, the original owner may be out of the picture, and the new owner is a bank or an investor. In some cases, the original owner is still of record, but has moved on and is trying to convert their property to income property.
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