We have bank approval. We have 22 days to close. Bank agreed to pay $5,000 toward delinquent HOA Dues. (that is more then 1 years of fees - if it were to foreclose)
Anyone have a sample letter you provide to HAO Board members encouraging them to accept and release the lien?
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With 22 days to go you don't have any time to lose. Use Wendy's advice. Try to make the letter only one page with bullet points for fast reading.
Explain that in 22 days the home will be foreclosed on, and this is their opportunity to receive xx dollars and get the home sold to a new owner.
Contact the HOA community manager. Ask her to allow you to email an attachment with the letter, so she can email it to the board; assuming there is no board meeting within a week or so. If there is a board meeting within a week ask for permission to be put on the (closed session-because this is confidential financial information and cannot be discussed in open meeting) agenda to present this letter in person to the board.
The board will receive your letter with their agenda and may have read it prior to your presentation.
Make your case within 2 minutes, just like you were presenting a case to a small claims judge. They will discuss it and vote, and you'll have the decision.
Treat the board with respect, and understand their position if they negotiate with you. Be well prepared. If you're condescending or present the material in a threatening, take it or leave it attitude, some members may not take too kindly to that.
It's like any other negotiation, you must sell the other party on what's in it for them. Accent the positive, not the negative.
If there is no meeting coming up, then the mgr can email the letter to the board and they can vote via email, but the decision has to be unanimous for it to pass, and in order to have an email vote, every board member has to vote.
HOA boards get a lot of negative press (like Realtors), some deserved, and some not deserved. Remember that some of these members are very intelligent and successful business people who also do a great job volunteering for their community.
I'm on our board of directors, and we would probably all agree if it were presented propertly.
Good luck
$18,000 I figure The Seller can contribute maybe another thousand..so the HOA could get $6000 or a third...but start getting paid next month from new owner..... the lender is requiring cash contribution too....
He only has so much money...or he wouldnt be Selling Short to avoid foreclosure?
to me it is a Win Win!