Foreclosure in Chicago>Question Details

Bobbie Warren, Real Estate Pro in Mokena, IL

Are buyers responsble for back association fees on an REO?

Asked by Bobbie Warren, Mokena, IL Sat Apr 21, 2012

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8
Liable for up to 6 months, but if the contract is worded properly, you should be able to back out of the deal if you want.
0 votes Thank Flag Link Sun Apr 22, 2012
In this area, the answer is generally NO. Here the Buyer will pay NYS Transfer Tax on both sides(for Seller/Bank) as well. That is generally the only extra fee I am aware of.
0 votes Thank Flag Link Sun Apr 22, 2012
Bob,

It all depends on the bank, the deal and the disclosures.

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0 votes Thank Flag Link Sun Apr 22, 2012
They can be held responsible for 6 months back assessments and taxes.
0 votes Thank Flag Link Sun Apr 22, 2012
It depends on the bank, and it's up to 6 months... plus late fees, legal fees, and fines that have accrued. Some banks will pay all the back Association dues, but some will only pay the dues accrued after they take back the property. HOA's can still legally collect dues for up to 6 months before the sheriff's sale, that's where the 6 months comes from. HOA dues more than 6 months before the sheriff's sale they must write off.
0 votes Thank Flag Link Sat Apr 21, 2012
Up to 6 months (usually the last 6 months).
0 votes Thank Flag Link Sat Apr 21, 2012
They can be responsible for up to 6 months of unpaid assessments. No more than 6 months, but possibly less.
0 votes Thank Flag Link Sat Apr 21, 2012
Usually not, but that is negotiated as part of the contract. But most banks I have dealt with will prorate the fees.
0 votes Thank Flag Link Sat Apr 21, 2012
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