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Posted By MelissaP1 on 04/13/2014 9:35 AM
You can always do a "short sale" and get rid of it to an investor. If you can't stand the place that much. You can't really blame the HOA as much as you want to. A HOA is only made up of the owners/neighbors. Blame the HOA, you got to take some of that blame yourself. Vegas area residential sales have been the hardest hit in the US. No one is safe there in real estate. I've looked at the numbers and read the stories. I think Detroit is just slightly worse.
If you thought a HOA was to increase or keep your Home value, it's a typical mistake most people assume. A HOA only keeps your home more ATTRACTIVE to potential buyers. As you have found out, lawsuits, outstanding debt, and rental ratio is what really effects loans and sales. Tough pill to swallow but a pill none the same...
What do you think ..."more ATTRACTIVE to potential buyers" translates to in the marketplace?
It's not a mistake to believe that HOAs help protect and enhance property values.
That's their mission. Though some may be more successful than others.
> https://www.hoa-usa.com/files/documents/HOA_USA_Guide_to_Understanding_Homeowner_Associations.pdf
"The primary purpose of homeowner association is to maintain and enhance property values through enforceing the covenants and maintenance of the common areas"
> http://www.northamptonhoa.com/hoas-purpose-common-misconceptions/
"The goal of a homeowners association is the preservation of property values. It does this by enforcing its governing covenants. It works to ensure all properties are attractive and consistent with each other. Without covenant enforcement, one home left unkempt, can lower the property value of the entire neighborhood.
> http://ahn03.com/romegoldin/item_list.asp?subcat=28&subtitle=Understanding+the+Purpose+of+an+HOA
"Homeowner associations first became popular in the Atlanta area around the 1970s. There were four major reasons for their popularity:
...Homeowners liked the idea that their property values and standard of living would be protected by a set of covenants, which would apply to all residents;..."
> http://blog.hignell.com/hoa-management/?Tag=HOA+Property+Values
"An important role of a homeowners association is to maintain and enhance property values by enforcing neighborhood covenants and maintenance of common areas."
> http://phoenix.about.com/cs/real/a/HOA01.htm
"...HOAs are established to ensure that they [CC&Rs]are adhered to in order to maintain the quality and value of the properties involved."
Cheers!
* Non-Lawyer spokesperson.