Home > Blogs > Alabama > Limestone County > Athens > Be Wary of Your Homeowners Associations 
2,493 views

Larry Coons' Blog

By Larry Coons | Agent in Athens, AL

Be Wary of Your Homeowners Associations


See the news story by the Huntsville Times about how homeowners are calling for better protections at the following link:

http://blog.al.com/breaking/2009/09/homeowners_call_for_better_pro.html

Thousands of homeowners in our state report that their association is not fulfilling their fiduciary responsbility. From lack of disclosure about homeowners funds, misappropriation of funds, and sometimes outright fraud, owners are sometimes not aware of where their fees are going. There are cases where developers are not releasing the control to the homeowners when they should. Developers statewide have been declaring bankruptcy and using the nonprofit organization funds for private use. This level of nondisclosure and indecency is starting to rear its ugly head in lawsuits for agents and developers. The financial branch of the industry is not taking risks and making loans to people who need to resell their home in these ethically challenged organizations. Its time Alabama enact a resolution to consider important homeowner protections. If you want more information about what homeowners associations are or what questions to ask, let me know and I will be glad to discuss them with you.

Comments

By Dennis Barton,  Fri May 10 2013, 08:14
Is there a list of Homeowners Associations to avoid? How can you check out a homeowners association prior to buying in a subdivision?

POST
 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer