HOA Refinance & Resale Processing
You may be wondering what input HOAs have with homeowners’ refinancing needs since this involves their individual mortgage concerns. However, this process ties back with the value of the home and its equity along with requirements for the HOA to provide specific documents in the application process.
Refinance certificates are documentation that the HOA may require in order to allow the refinance to take place. Such loan or refinance certificates are frequent in strictly restricted communities. In order to get the paperwork, borrowers must apply to the HOA and pay an HOA refinance fee. This helps fund HOA expenses while also allowing the HOA to keep track of the community’s solvency and spending in general. If the extra cash will be used for an addition that breaches HOA rules, an HOA may refuse to allow the refinance.
If a homeowner files for refinancing while owing late HOA dues, both the HOA and the lender will almost always demand the costs to be paid before the transaction can be completed.
What is an HOA resale package? It is the package of vital paperwork that is exchanged throughout the process of purchasing or selling a property to a new homeowner that includes a copy of the community’s governing documents. The HOA resale certificate makes the community and the seller’s financial responsibilities to the association more transparent along with arranging a proper hand-off. Past due payments or unpaid violations, outstanding violations, and any fines due at the time of closure will all be included. It should also include details about the neighborhood association’s current budget, anticipated spending for the future year, and any pending litigation. Handling of HOA resale certificates is usually handled by the property management business, and there is virtually always a cost for this service. The homeowner must obtain an HOA resale package in order to protect both the buyer and seller while also minimizing the financial risk for the association.
At Wall Street HOA Management, we provide the following standard documentation: HOA certification, escrow demand, and a limited review of up to 8 questions. We will require a Cashier’s/escrow check or a Money order made out to Wall Street Realty, in order to initiate and process your request. Cash will not be a sufficient form of payment and will not be accepted. Your request will be completed and forwarded to you within 3-5 business days.
Wall Street HOA Management aims to simplify HOA refinance processes and more for all parties involved in the process. Eto eliminates the need for visiting the company in the office or meeting with any individual property managers to carry out crucial tasks. Sign documents online via only secure and reliable signing tools that protect your data. Simply implement your digital signature or sign with a digital pen and sign entire documents within seconds.
Advantages of Choosing Wall Street:
Contact us today to request a quote for reliable HOA refinance and resale services for your HOA.