Several of my clients who have recently entered contracts to sell their condominium unit as a short sale have met with resistance from the condominium board when the request is made that the board reduce the amount owed on the common charge arrears. This unwillingness of the board to compromise with the owner will prevent the an approved short sale from closing. What is likely to result from this course of action could be more detrimental to the financial stability of the condo association for the following reasons:
1. If the lender moves to foreclosure the chances of receiving any of the common charge arrears is unlikely since the lien of the lender takes priority over the condominium association.
2. The value of the unit that is sold at auction through foreclosure is likely to be considerably less than if sold through a short sale.
There is a fiduciary duty for those on the condominium board to do what is in the best interest of the condominium association to preserve the investment of the owners it serves. Thus, my advice ….keep an open mind when asked to accept a compromise on arrears.
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