I can't find any information about preforeclosures or foreclosures on-line for any of the Quiet Place addresses in 27310. Maybe they're just not posted yet. The address for one of the townhouses, possibly owner/developer, is 7909 Quiet Place, Oak RIdge, NC 27310. Here's a link;
http://www.realtor.com/realestateandhomes-detail/7909-Quiet-…
7907 also appears to be for sale. Here's the link;
http://www.realtor.com/realestateandhomes-detail/7907-Quiet-…

Find out the address of the townhome you're interested in and then have the Guilford County Property Assessor's office look up the address and tell you the owner's name, address and phone number. The zip code for Oak Ridge is 27310. At one time I heard those townhouses were selling for between $600K to $700K and the developer/owner lived in one of them. As far as HOA's go, the developer/owner is responsible for maintaining the subdivision. If a lot/townhome is sold then the buyer pays a set amount for HOA dues, say $500 a year. The developer/owner collects the $500 from the lot/townhome owner and then he pays out of pocket whatever else it takes to maintain the subdivsion. If the bank owns the property's then they are responsible for it's upkeep and for collecting HOA dues. That's not to say that the property's going to look great every time you drive past. In all likelihood there will always be an HOA for that subdivision because Oak Ridge has a policy that requires all subdivisions have common areas of land and it has to be maintained. I hope this helps.

Jun,
There are many townhomes available in the Triad, I would advise pursing others. Only if you could not find another one would I come back to this situation. Generally speaking, the owner (in this case the bank we assume) will have to pay the arreages of the HOA dues. The larger problem is that basic maintenance on the property might be deferred or suffer in quality for a long time until the market absorbs the complex. You might ask for a years worth of HOA dues in the Offer. You are responsible for the dues if you purchase the property. In any event, good luck. andy

Jun,
It might just depend on the bank. If the bank just foreclosed on the property all the decisions may not have been made and they may not have addressed the situation of the HOA yet. Now if they have been there any amount of time then there was an HOA already set up. Your agent ought to be able to find out who that was by looking at the old paperwork and listings for homes that have already sold. That way you can find out who was managing the HOA and ask them what the situation is.

Hope this helps,

thank you all.

the issue is that my agent have tried but got very limited information so far.

Any possibility you guys think another agent may be able to get more, considering the one I have is pretty experienced and local.

or it's more helpful I talk to my real estate attorney?

Advice needed. thanks.

Jun

Jun, If you need further assistance with this you will need to contact an agent directly and fill them in on details that you have and tell them specifically what property you are interested in pursuing. That is the only way to get more precise than the group has been already. An experienced agent likely will know how to explore all of this and get you the answers you want and deserve.

Jun,
Without the name or the address or something we can not do the research to help you. If you do not want to give that information out for some reason then you need to get yourself a buyer's agent to help you. There are many different angles to this situation that I would be remiss in giving you advice on without more information.

Hope this helps,

thanks a lot for all your feedbacks.

this is an old community and the guy owned all the townhouse there is in bankrupcy. there is no any information about the hoa management company that is also in bankrupcy and believed to be owned by him as well.

any idea?

thanks.

Jun,
Len addressed the main point here in that if you are mainly concerned about the HOA then if this is a new home community then the builder may have still been managing the HOA themselves. In that case then the bank would have taken of that also and most likely put in the hands of a management company. But, if as Len mentioned the property is large enough or mature enough the HOA would have been essentially turned over to the homeowners to either manage themselves or through a property management firm. There are several communities around Greensboro that I know of in this situation. It will really depend on which one you are looking at.
So to echo what everyone else has said you really need to have a buyer's agent helping you navigate through all of this. You know that the commission is already negotiated and paid by the seller out of their proceeds at closing.
To answer you last point no you would only be paying your portion of the HOA dues for the unit that you buy. If there are empty units then the owner (the bank if they own them) would be paying their portion of those dues until they are sold.
Just let us know if you have any other questions, and if you do not already have an agent and need help feel free to contact me through my profile here on Trulia or through one of my other websites listed below.

Hope this helps

Hi Jun,

This is a complex situation that would require more details to give a clear answer. Just because the owner of the townhomes is in bankruptcy does not indicate absolutely that the HOA is part of that. Most HOA are set up as an independent entity that is not influenced by the stability, or instability, of the builder. Those who own properties governed by the association are like stockholders in this seperate entity. Often, builders feel they are precluded from paying dues when they are not. Other times, they may be until a certain number of units have been sold. It all depends on how things were structured.

There are several great opportunities around, both foreclosures and owner sales. While a foreclosure may allow you to purchase for a lower amount, there may be much more repairs required to make the habitable.

The best advice I would offer is to GET A GOOD AGENT TO ASSIST YOU! There are many loopholes that can ultimately cost you much more than you think. And since agents are typically paid by the seller, especially foreclosures, you have nothing to lose and everything to gain. Some people think if they negotiate on their own that the seller will give a better deal. The truth is, the fees the seller pays are worked out before the home is ever listed for sale and very rarely, if ever, change based on the fact that the buyer has no representation! Let me know if I can help.

Best of Luck!!

Foreclosures are great opportunities to buy at a low cost. Just the word "foreclosure" generates alot of excitement but they are not always what they seem. I always caution people who buy foreclosures before they are marketed by the bank because they usually do not have the right people in place to help them. The easiest and most common way to buy a foreclosure is after it is put on the market buy a real estate firm. Banks generally use asset management companies to liquidate the property obtained through foreclosure and asset management companies will contract with real estate brokers to liquid property on behalf of the bank. By this time, the property can usually be transferred by special warranty deed with an INSURABLE title. If you buy a foreclosure before it is marketed by a real estate firm you risk buying a property that does not have a clear title because of claims from everything from HOA's to HVAC companies who may have liens on the property from an installation. Make sure you have a GOOD real estate attorney to help you with your research on foreclosures and due your research on the property before you start writing checks!!!

Good luck with your endeavors!!

Hi Jun,
There are many out there and that will simply depend on if the HOA is solvent. Some are and some are not. If it is an established neighborhood HOA, the liklihood is yes, you will be required to pay them. That is where each individual community will need to be checked out and the terms of the bank who owns the foreclosure. You could also be paying fees for amenities that have not been completed such as a pool or clubhouse. Hire a good agent to investigate all of your options and then an attorney who will get to the bottom of your rights regarding the HOA. Hope this helps!