Both the right and left eigenfunctions and eigenvalues of the linearized homogeneous Boltzmann equation for inelastic Maxwell molecules corresponding to the hydrodynamic modes are calculated. Also, some nonhydrodynamic modes are identified. It is shown that below a critical value of the parameter characterizing the inelasticity, one of the kinetic modes decays slower than one of the hydrodynamic ones. As a consequence, a closed hydrodynamic description does not exist in that regime. Some implications of this behavior on the formally computed Navier-Stokes transport coefficients are discussed.