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28311 : Real Estate Advice

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  • Home Buying3
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Activity 5
Ncfinest28303, Home Buyer in New York, NY
Sun Sep 18, 2016
Ncfinest28303 asked:
I'm looking for a apartment or home that will accept bad credit. Looking for the Ramsey st / pamelee area
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Awallercole, Home Buyer in New York, NY
Mon Jul 25, 2016
Awallercole asked:
My house just recently went under foreclosure and I have a little over 30 days to vacate. I take care of my 80 year old mother who is bed ridden we're on section 8 and I just can't seem…
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Katrina Harv…, Real Estate Pro in Fayetteville, NC
Sun Dec 28, 2014
Katrina Harvey answered:
A homeowners association (HOA) is a legal entity, with an identity that is more than its homeowner members. Legal entities can be difficult to dissolve. Depending on state laws, a homeowners association (HOA) is usually either a corporation or a nonprofit organization.

Members Must Consent
Because an HOA technically consists of two parts, the legal entity plus its membership, one part usually needs the consent and approval of the other in order to take an extreme action like dissolution.

The first step in dissolving an HOA is to get the consent of every homeowner or member, although some states require less than a unanimous decision. When a homeowner does not vote, it often counts as a vote against dissolution.

HOA Dissolution Rules
After you get the consent of the required number of homeowners, you must address the specifics of closing down the legal entity of your HOA. Many HOAs include terms for dissolution in their documentation, including specific steps and requirements.

Depending on whether the association is a corporation or a nonprofit, the state government also will have certain requirements for shutting it down.

New Deeds May Be Required
The deeds to each homeowner's property may include reference to the HOA. If the HOA no longer exists, the deeds may have to be redrafted and rerecorded. This could involve working with the mortgage lenders for each property. This is often a stumbling block to dissolution, because some owners without serious grievances with the HOA might not want to go through the trouble and expense.

Someone Must Take Over
Your HOA probably owns at least some of the development's property, such as the common areas. If the development is a condominium complex, it most likely owns the entire building.

Title to the HOA-owned portions of the development must usually be transferred to another legal entity when the HOA is dissolved. You might be able to sell them to an investor who is willing to take over maintenance of these areas. Most investors will expect some profit in return.

A Real Estate Lawyer Can Help
The law surrounding dissolving an HOA is complicated. Plus, the facts of each case are unique. This article provides a brief, general introduction to the topic. For more detailed, specific information, please contact a real estate lawyer.

Very respectfully,
Katrina Harvey
... more
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Katrina Harv…, Real Estate Pro in Fayetteville, NC
Sun Dec 28, 2014
Katrina Harvey answered:
My Husband is from Bangor. We miss the snow wicked bad. He works on Fort Bragg and we decided to buy shortly after moving here. This way our Home could become a future investment for when we are able to retire.

Their are many great neighborhoods around Fort Bragg. Each one will suit a families needs and lifestyles. You can buy here for much cheaper than you can rent; with many nice Homes under $100,000 or even $80,000.

If you want I can start looking now for you and show you around when you get into Town. Chances are my Husband will know the perfect Home for you, making your transition from back Home to here.
Weather you decide to rent or buy, I will help you.

I wish your move the Best!

Very respectfully,
Katrina Harvey
(910) 248-3056
... more
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Fritz Walter, Real Estate Pro in Milford, CT
Mon Dec 9, 2013
Fritz Walter answered:
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