According to the National CAI office, an estimated 20% of Americans live in some kind of association of planned community. In Nevada, that number is closer to 33%. While the housing crisis has affected nearly all homeowners in some way, and to some degree, here in Nevada it has taken a noticeable toll on homeowner associations.
Associations depend on the fees they charge to pay for maintenance, upkeep and repairs of common areas and community amenities. When homeowners get behind on these fees, or lose their home to foreclosure, the board often has no choice but to cut corners. The aesthetic effect is obvious, and often disheartening, but the effect on values can be disastrous. And that’s just considering the common areas.
The effects of delinquent fees and foreclosures on individual properties can be even worse. Not only do surrounding property values decline, but being able to sell the distressed properties can be next to impossible. And it’s where a good post-foreclosure service can help.
A full-service law firm, like Alessi & Koenig, can provide services like evictions, sales, rentals, repairs, maintenance, legal action and trust accounts. Outsourcing all the functions needed in post-foreclosure or abandoned property situations most often saves the board the time, money and aggravation it takes to turn the devaluation tide.