CHICAGO SHORT SALES| SHORT SALES AND CONDO ASSOCIATION FEES
Todays Chicago Short Sales blog post topic is Short Sales and Condo Assessments. We get several questions about short sales on a daily basis, but some short sale questions are asked a bit more often than others.
A common question that I always get is : Should I Pay My Monthly Condo Association Fees when I am doing a short sale?
My answer to this is: YES!!!
Association Fees aka "assessments" are generally more associated with condo buildings. However they are also associated with Townhomes and certain Single Family Home Subdivisions. Regardless of where you live, if you live in a property that has monthly or quarterly association fees and you are attempting to pursue a short sale, PAY YOUR ASSOCIATION FEES!!
If you can afford your association fees, then pay them! Many people dont realize this but Your Association Can Foreclose on you as well if you dont pay your association fees. Its important to know that its not just the bank that can foreclose on you. If the association forecloses on you because you failed to pay your assessments, then you have just complicated matters
If you are late or having trouble paying your monthly association fees, the talk to your association representative as soon as possible and see if there is anything that can be done to assist you with the payments!
