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Forclosing on deliquient HOA owners??

Does anyone have any experience working directly with a property management company after they foreclosure on there units after getting tired on waiting for the banks to do it? All these properties are underwater(BIG TIME) and my friend, the president, asked me to take over the whole process from negotating with banks to settle debt to eviction of occupiants to listing and reselling them at market value. I have experience with short sales & REO's but this seems a bit much.

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Comment by Greg Gamble - Seattle Washington on June 23, 2010 at 12:48am
I have marketed and sold many condominium projects. Many HOA's are and or get behind the eight ball, many times by inadequate board members trying to save money. Many by the management companies.

If you think it is a waste of time, you are missing the boat. Turn around the HOA, be at the meetings, and tell them what they are doing is lowering the value of all there units. Solving their problems and you can quite simply add value to the project the homeowners and put them on the right track. If done right you will be viewed as the go to agent for that project. HOA's are collective ownership. Many simply can not do it on their own.
Comment by Cindy Billman, CDPE, SFR, HAFA on June 22, 2010 at 8:25am
Why doesn't your friend hire an attorney to do this? Hmmm, could be because you will do it for much less money?!!
Comment by Scott Olson - REO Sacramento, CA on June 22, 2010 at 12:10am
Scott - I think you may have found a new niche. There are hundreds of HOAs all over the country that are foreclosing on properties and expecting the banks to step in. Often, they are not stepping in and HOAs have no idea what to do with the property. Lots of people are fighting for REO work right now. Not to many chasing down HOAs for work. I would say, bring in a good attorney and start marketing. You can use the REOpro network to manage listings for you all over the country. What stopping you! I have an HOA here in the same boat.
Comment by David L. Hennigan on June 17, 2010 at 12:57pm
I'm afraid I have to disagree with the run tactic. You are being givin an opportunity to have an on hand learning experience! Most of us will NEVER have that chance.
Did you know what you were doing the first day you got your real estate license?
Did you know how to do a BPO or an REO when you first started working them?
I think NO. You will learn! Why? Because you are a professional and you will find out what it takes to get the job done.
In todays market, you take every opportunity you can to make money.
I say you embrace this chance! Once you figure it out, there are tons of property management companies you can go to.
You will become the ONLY one that knows what to do. It will be a niche only you know.
Good luck to you, what ever your decision is!!!
Comment by Steve Adkins on June 17, 2010 at 9:12am
I'm with Beth....RUN! Get connected with an attorney NOW. Looks like you are about to do a whole lot of work for nothing!
Comment by Carlos H. Silva Sr. on June 17, 2010 at 1:55am
The process depends on which state you are practicing. However, it sounds like you are going to need at least an attorney.
Comment by Beth Ross on June 16, 2010 at 6:33pm
RUN!!! LOL

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