Foreclosure in Las Vegas>Question Details

First Time B…, Home Buyer in Las Vegas, NV

Who pays late HOA fees after Trustee sale?

Asked by First Time Buyer, Las Vegas, NV Sat Sep 3, 2011

If someone buys a property at the courthouse auction, is the buyer responsible for past due HOA fees even if there is no HOA lien on the property? And what if there IS an HOA lien on the property?

Thanks!

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Actually, most of the answers to your question on here are wrong. If you are bidding on the first trust deed at a trustee sale, usually any junior liens including HOA liens that occur after the first trust deed was recorded gets WIPED OUT. You are only responsible for hoa fees from the time you acquired the property.
Web Reference: http://www.shoppingbuds.com
1 vote Thank Flag Link Fri Feb 3, 2012
The new owner is responsible for leins and encombrances. You need excellantt research to determine exactly what you are buying at a trustees sale

DAVID COOPER Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow..GO TO website or Call +1-702-499-7037
0 votes Thank Flag Link Tue Sep 6, 2011
Hello,

Educated yourself is my best advise. It's not an easy process.

Penny O'Brien with Simply Vegas
3042 S. Durango
Las Vegas, NV 89117
702.321.9383
0 votes Thank Flag Link Tue Sep 6, 2011
First Time Homebuyer...Why not visit a trustee sales in Las Vegas, and observe the "seasoned pros" that are bidding "all cash" on a few selected properties. They have done all the due deligence and also have repair crews in place to fix up the defects. If you as a first time buyer win an a courthouse auction, you propbably overpaid, or made some other error, like HOA dues, that will prove to be fatal. This is not an investment for rookies.

DAVID COOPER Foreclosure Specialist with 35 Years Investing Experience. Receive a FREE List of Low Priced, Bargain Homes in Good Areas with Great Cash Flow..GO TO website or Call +1-702-499-7037
0 votes Thank Flag Link Sun Sep 4, 2011
If you are going to the courthouse auction what you are actually buying is the "Note" , You are responsible for HOA liens, back dues, back taxes, transfer tax to the county, and most fun of all, the eviction process even if it was the old owner that is still in the home, whoever comes out with first position at the courthouse gets to do all of that and does not neccesarily get to see the home before buying it, so proceed with caution ! You will or have bought the Note and all the responsibility that goes with owning that Note, the only liens that get wiped out during the process are second loans, HELOC's , and mechanics liens.

If you would like to speak with me about this , call me at 702.373.4555 or email : rhoda.yoon@ziprealty.com
RHODA YOON
ZIP REALTY
0 votes Thank Flag Link Sun Sep 4, 2011
Hi Mr. First Time Home Buyer,

First let me advise you to “not to listen to real estate agents about Las Vegas market unless they are from Las Vegas”. Agents from other states have the slightest idea about our Las Vegas market. For instance, we are nothing close Florida real estate market, we sell homes here not only list them.

You will get a good deal at a trustee sale “if” you know what you are doing. There is “no guarantee” on buying at a trustee sale, but then again what is?… You can only minimize the risk to its lowest extent.

I do not suggest you taking the risk to buy yourself if you do not have experience in buying at a trustee sale. It may be your first and last real estate transaction. I saw newbies who buys a lien that’s not to his or her best interest many times.

YOU MUST KNOW WHAT YOU ARE DOING… Meaning, know what liens are to be paid and which are not. What are the HOA laws and what are you responsible to pay. HOA will want as much money as they can get from you. You must have experience negotiating with them and know the law behind your argument. Don’t think you will learn on Trulia or any other blog on line to buy at a trustee sale. Investors are there and have been there for many years, know the ropes and are very good at it.

Also, I will suggest working with a local real estate agent and purchase of the MLS such as an REO or short sale for a good deal. Simply because you will have time to see the place, inspect it, show to your friends and family, and decide at a slow pace before buying it. At a trustee sale, you don’t have that luxury and that is precisely why it is intended for investors. Investors don not get emotionally attached to their real estate purchases, they are only about numbers…their return on investment.

Check out this site for more information: http://www.encorerealtylv.com/Trustee_Sale_Auction/page_2421…

Or call me to set an appointment and I’ll be more than happy to discuss your endeavor.

With Regards,
Mark Slomka
Encore Realty Group
Direct: 702-355-3931
Fax: 877-895-9008
http://www.EncoreRealtyLV.com
0 votes Thank Flag Link Sat Sep 3, 2011
first time buyer,

great question, but are you considering purchasing a property from trustee sale as your first home? that is scary. investors that are present every week at the auction have more knowledge than realors, attorneys, closing agents combined still find themselves in a pinch at the auction every now and then. You think this is the best place to find a deal? i promise you it is not, find a good realtor, they want to help you, they will ensure you pay the lowest possible price for a home even if it is an REO and you pay over listed price, it still is going to be the Lowest Possible Price. Oh by the way, i research 80+ homes a week try to bid on 15-20 of them, i am lucky to get one per month, and I am paying close to Market Price..read mt blog to learn more

http://blog.house-guy.com/category/buying-a-home-2/page/2/

best of luck to you!
0 votes Thank Flag Link Sat Sep 3, 2011
When you buy at the trustee sale auction, the bidder is supposed to provide you with all the information regarding the current liens on the property so that you could make the correct decision on the max amount you want to bid on the property.

Yulia Shmatkova
702-481-3118
LasVegasHomeToday@gmail.com
0 votes Thank Flag Link Sat Sep 3, 2011
Yes the buyer gets to pay the HOA and Liens. When I see the HOA amount on the list of liens on a property in Las Vegas I double the amount in the formula just to be safe.
Suzie Marquardt
0 votes Thank Flag Link Sat Sep 3, 2011
Hi First Time Buyer,
Unfortunately the Buyer get to pays the past HOA dues and the liens recorded against the property especially on trustee sales.. Hope that helps you! If you need anymore help just call me at JasonEkus office ask for Rosemarie Kudo I will be glad to help you.. 853-2400.

Rosemarie Kudo - Realtor
Jason Ekus VOLUME REAL ESTATE
10220 W. Charleston #3
Las Vegas, NV 89135
Web Reference: http://RoseMaireLV.com
0 votes Thank Flag Link Sat Sep 3, 2011
The Buyer will pay and should get a lien release recorded upon payment so that title is clear.
0 votes Thank Flag Link Sat Sep 3, 2011
the buyer assumes all liens & emcumbrances on the property including HOA..
Great question!
0 votes Thank Flag Link Sat Sep 3, 2011
The buyer who buys at the trustee sale will have to pay the HOA fees regardless of if there was a lien filed.
0 votes Thank Flag Link Sat Sep 3, 2011
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