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Joyce Sedam's Blog

By Joyce Sedam | Agent in Denver, CO

Closing an REO in a Townhome community

CLOSING on an REO!
BEFORE going to the closing table, make sure ALL HOAs are paid and that the SELLER (bank) is paying the deficiency.  Nothing like getting to the closing table and the Buyer is told the bank is not paying the past HOAs...the HUD1 is incorrect, and what is a Buyer agent to do....get your checkbook out!  Tighten that purchase agreement down and READ all addendums sent from the bank!

Would love to hear any other stories you might have and how you handled the situation!

Joyce Sedam
CHERRY CREEK PROPERTIES LLC
jsedam@gmail.com
www.JoyceSedam.com

Comments

By Jim Garcia Real Estate Agent,  Tue Mar 8 2011, 13:49
If there any special assessment taxes on the property during yuor title search, find out why. I purchased a bank REO in Aurora only to find out that the special assessment was NOT a one time assessment. The house is located in the "neighborhood improvement district". That means code enforcement officers are driving around looking for recurring money in the ways of too many weeds in the front yard, grass over 6" high, bushes not being watered, etc. To make things worse - Yes - They have a court for that in Aurora for those who do not pay the escalating fines of $350, $600, and $1000 for repeat offenders. If you don't understand what you are buying, look into it!

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