If you own a condominium or a property within a homeowners association, the association’s actions could derail your home sale at the wrong moment.
When selling your home or condominium, the buyer’s lender will look into the financial condition of the condo association or HOA. If the lender sees some red flags, you could face delays or even a canceled sale because of the association’s problems, including:
- Delinquencies on association dues
- Audits not done on timely basis
- Limited cash reserves
- Too little insurance
- Too many renters
Any one of these issues could prevent a prospective buyer from getting a mortgage to buy your home, particularly if it is a condo.
To avoid derailment, homeowners should investigate their association before listing the home. That’s right, a little proactive work on your part before an issue arises is highly recommended.
Canner Brody and Yan CPAs focuses on real estate accounting and has been operating in South Florida for over 65 years. Our real estate accounting group works with property managers, investment groups, condominiums, and commercial real estate operators. We have offices in Downtown Miami and Miami Lakes to better serve you. Simply call 305-728-5109 or 305-231-2150 and ask for Andrew Brody.