HOA dues and Short Sales….oil and water
admin | Jul 22, 2009 | Comments 17
Recently I had the opportunity to negoiate a short sale that had past due HOA payments. The payments were over a year behind and the association had put liens on the property. Two weeks before closing the homeowner received a foreclosure letter stating the HOA was foreclosing next month.
I was never so frustrated that the HOA “board” demanded full payment. After every party involved in this transaction made monetary concessions to work together to a reasonable close, the HOA would not budge.
What I have learned is that in certain instances like this, the HOA would be the first paid at the sale. Even before the first mortgage. They have nothing to lose. They always get paid.
Point being, when HOA liens are present and they have filed to foreclose, get the sellers lender and the other parties to absorb the HOA blood money!
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Filed Under: Buy a short sale • Credit Repair • Featured • Government programs • Investors • Lenders, Servicer • Uncategorized
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That happened to me too! Only difference was we all found out at the closing table, and as the listing agent, I had to give up most of my commission. I call it a “Commissionectomy” Surgery– Ouch! I switched closing attorneys, since they weren’t kind of enough to give me heads up on this. Don’t you know the first thing I ask my new closing attny when I get a listing now is “Uhm can you go and run title to see if there are any outstanding HOA fees?”
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