My question involves real estate located in the State of: Georgia
I own about .75 acres of land in North GA. I paid cash for it so there is no mortgage. It is located in a private lake/golf community where I owe $90 per month in association dues. Taxes are about $50 per year. I bought it a long time ago with the intention of building a house on it but it never happened. I have been trying to sell it for several years now with no luck. My agent has lowered the price to $2500 and still no interest.
At this point I am tired of paying the association dues for it and just want rid of it. I contacted several non-profit organizations about donating it but no luck. I tried contacting land auction sites but they don't seem to be interested in auctioning a single piece of land. I spoke to the association about donating it back to them but they're not interested since they can get $90 per month from me as long as I own it.
I have researched my options and am considering no longer paying taxes on it and letting the county auction it off. I assume this will hurt my credit. Can the county come after my other assets or only the property? Someone also suggested stop paying the association dues but I'm concerned the association has a team of lawyers that can do other things to me since $90 per month will add up fast if I stop paying it. There is some verbage in the association bylaws about recouping legal fees for delinquent accounts so I'm more hesitant to go that route.
I also had a thought to start an LLC and quitclaim the property to the LLC. Then let the association or county take it from the LLC to shield me. But not being an expert in LLC's I'm not sure if that is more trouble than its worth or could get me into trouble.
Can anyone offer any advice on helping me get rid of the land?
Thanks
I own about .75 acres of land in North GA. I paid cash for it so there is no mortgage. It is located in a private lake/golf community where I owe $90 per month in association dues. Taxes are about $50 per year. I bought it a long time ago with the intention of building a house on it but it never happened. I have been trying to sell it for several years now with no luck. My agent has lowered the price to $2500 and still no interest.
At this point I am tired of paying the association dues for it and just want rid of it. I contacted several non-profit organizations about donating it but no luck. I tried contacting land auction sites but they don't seem to be interested in auctioning a single piece of land. I spoke to the association about donating it back to them but they're not interested since they can get $90 per month from me as long as I own it.
I have researched my options and am considering no longer paying taxes on it and letting the county auction it off. I assume this will hurt my credit. Can the county come after my other assets or only the property? Someone also suggested stop paying the association dues but I'm concerned the association has a team of lawyers that can do other things to me since $90 per month will add up fast if I stop paying it. There is some verbage in the association bylaws about recouping legal fees for delinquent accounts so I'm more hesitant to go that route.
I also had a thought to start an LLC and quitclaim the property to the LLC. Then let the association or county take it from the LLC to shield me. But not being an expert in LLC's I'm not sure if that is more trouble than its worth or could get me into trouble.
Can anyone offer any advice on helping me get rid of the land?
Thanks
Homeowners Associations: Options to Get Rid of Land
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