New, nationwide data has surfaced from research company RealtyTrac Inc. Data shows banks are taking on average 20% longer to resell homes that had been previously foreclosed. What does this data mean for community associations?
Often banks do not adequately maintain these properties and let them fall into disrepair until they are resold. Associations should be aggressive in enforcement with these properties. Liens for unpaid assessments and covenant violations should be recorded if these conditions exist to ensure that the Association is repaid upon resale and that the new owner is put on notice of any existing covenant violations. In more extreme cases, an association should consider filing suit against the bank to ensure compliance with the covenants. Read more
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