I RECOMMEND YOU SAY "NO" OR NEGOTIATE WITH THEM FURTHER.
Be careful of bank addendums like that. You will want to know exactly what is owed and what they intend to pay prior to putting your self out there. Every situation I have been in regarding condo fees the bank has paid all of it. I had a situation where the bank's attorney and the HOA atty went back and forth for 5-6 months in and out of court and the bank ended up losing and had to pay $35000.00 in 3 years past HOA dues, late fees, attorneys fees, assessments and interest. This was on a $55K foreclosure sale here in Ft. Myers. Hope that helps you.
Sarah Garrett, Realtor
ALLIANCE REALTY GROUP
"Chosen Best in Client Satisfaction 2006-2011" by Gulfshore Life Magazine
Web Access to MLS:
If you are paying ALL CASH and this is a bank owned it would be very odd for the bank NOT to satisfy all liens. Go hire an attorney asap to review your contract and the Title Insurance Committment letter to make sure you will not get stuck with hefty fees after closing.
Are you sure this is not a Pre-foreclosure, short sale? In a short sale I have seen buyers get stuck with HOA & Condo fees that are past due.
Hope this helps.
All the best,
You can, prior to a closing, negotiate with the HOA. They must issue an Estoppel letter to the Title company handling the closing.
Have you Realtor follow up with the HPA.
Ed Humbert, GRI,MBA,PMS,SRES
Advanta Realty, LLC