Real Estate Market. Thoughts?

[DeusExMachina]

That is pure evil. And they'll overrule it if a family is moving in? That sounds like discrimination.

[Dave_L]

In all seriousness, sorry man that doesn't look good. I understand the reason for it, but it sure does make it a pain when you're trying to sell.

Yeah, I get it that they don't want a bunch of vacant rentals or rentals where people don't care. But how is this different than wells fargo having mortgages on the homes? The HOA is there to keep up the appearance and fine anyone that steps out of line so that should prevent the neighborhood from declining in appearance.

Deus, yeah, I wonder how a court would feel about it when everything shows the investment company is only acting as a mortgage company, not as a rental company. They plan to sell it back to the people moving in once they can afford to buy it themselves.

[TheGrey]

"
Section 6.4 Acquisition of Multiple Lots. Any Owner who owns or controls
two or more Lots in the Community as of the date of recording of this Master
Declaration, directly or indirectly through an affiliate of the Owner, shall be prohibited
from acquiring; whether directly or indirectly through an affiliate of the Owner, any
interest in any additional Lot in the Community, whether through purchase, trade, gift,
inheritance, lease, merger, consolidation or other means of acquisition. Thereafter, no
Owner may own more than two Lots in the Community. Notwithstanding anything in
this Declaration to the contrary, this restriction on acquisition of Lots shall not
apply to a
mortgagee acquiring title to a Lot subject to a mortgage by foreclosure or deed in lieu of
foreclosure. This restriction
shall
be enforceable by the Association or any Owner by
means of an
action
for injunction to restrain any
future acquisition or
to require an Owner
who has violated this restriction to divest any interest so acquired.

My first question is: did the bank own these properties before the HOA changes their bylaws?

I have nothing but filthy words for HOAs; they're usually run by a bunch of big frogs in a very small pond. I'd print out copies of their bylaws, and bring your HOA contract and those bylaws to a real estate attorney to see what can be done. Imagine paying these yahoos for the privilege of telling YOU what you can do with your property! I'd also check with their people selling in your neighborhood, to see just how many of them have their mortgages owned by the same banks/credit unions/financial institutions. If they are, an sales have gone through, they're in violation of their own bylaws.

Pull NO punches, and fight this with everything you've got. HOAs deserve no less.

And stay away from neighborhoods with HOAs- hire kids to clear your snow or mow your lawn. It's much less of a pain.

[Great-Kazoo]

My first question is: did the bank own these properties before the HOA changes their bylaws?

I have nothing but filthy words for HOAs; they're usually run by a bunch of big frogs in a very small pond. I'd print out copies of their bylaws, and bring your HOA contract and those bylaws to a real estate attorney to see what can be done. Imagine paying these yahoos for the privilege of telling YOU what you can do with your property! I'd also check with their people selling in your neighborhood, to see just how many of them have their mortgages owned by the same banks/credit unions/financial institutions. If they are, an sales have gone through, they're in violation of their own bylaws.

Pull NO punches, and fight this with everything you've got. HOAs deserve no less.

And stay away from neighborhoods with HOAs- hire kids to clear your snow or mow your lawn. It's much less of a pain.

I suggested he use the words See you in court. They may talk big as a group, once separated from the herd more than likely that tune will change. Especially if you threaten court action. While a HOA is the group, how many of them will take it that far.

[Dave_L]

I suggested he use the words See you in court. They may talk big as a group, once separated from the herd more than likely that tune will change. Especially if you threaten court action. While a HOA is the group, how many of them will take it that far.

Yup. I'm getting them a letter explaining the company is only acting as a mortgage company and one from the family moving in.if they still say no, I'll threaten legal action and be ready to move forward with it. Wrong house color, unkempt lawn, fine. Telling me I can't sell my home, you 've abused your power, IMO.

[newracer]

From my experience serving on two HOA boards and dealing with HOAs I would recommended you take the nice approach and save the threat of lawsuit as a last resort. That works most of the time. HOAs rarely lose lawsuits and many times they can then charge you with their court costs.

Request to meet the board and present your information in person. They will likely understand and hopefully grant your request.

[Dave_L]

Yeah, I plan to be very cordial and professional until they absolutely won't budge. I work in insurance and understand nice goes a lot further on things.

[Firehaus]

Look at the financials of a large HOA, they usually have a big reserve for legal matters and the board is protected through the insurance policy.

You get more flies with honey than vinegar applies here.

I hope it works out and working the company is acting as the mortgage holder sounds like a great starting place to me.



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[th3w01f]

Good luck, I'm pissed we can't get an offer but I think I'd be even more upset if we had one and the HOA wouldn't let us sell.

"My hopes have been raised and dashed in a matter of moments. I have hopelash."
-Dale Gribble - King of the Hill

My mother in law ran into something similar with FHA when she was selling her condo a couple years ago. If a single person owns too many units, FHA won't touch it, which is very tough in the $~120K market.

[Dave_L]

Yeah, its going back on the market. The HOA office closes at noon on Fridays so no one can give us an answer til Monday. The buyers are doing a termination to let us do showings in the meantime but will continue on if they approve it on Monday.

My level of frustration on this is through the roof.