Theo Johnson, Home Buyer in New York, NY

I am involved in a real estate transaction where the current seller has delinquent HOA fees.

Asked by Theo Johnson, New York, NY Fri Mar 22, 2013

The buyer is willing to pay the fees, however, the lienholder (bank) doesn't allow the buyer or anyone else to pay these fees. As far as I know, the seller, the HOA and the lienholder are still in negotiations. There is still time to reach an agreement yet my agent keep asking me to 'cancel' this transaction. I am not willing to do this because I would lose my position in a place I'd like to live in. What could possibly be gained the my agent continually asking for a 'cancelation letter' when the foreclosure hasn't happened yet? Does any one else have experience with a similar transaction? Did it eventually go your property get foreclosed on in the end?

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I am so tired of short sales. Thankfully we have just about exhausted the short sale market in the Atlanta market (inside the perimeter). I am advising my buyers to avoid all short sale situations because of stuff like this.
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0 votes Thank Flag Link Fri Mar 22, 2013
Sounds like you're in a short sale transaction. There are so many variables that it's really next to impossible for anybody outside the transaction to provide any sound guidance. You should ask your agent these questions.
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0 votes Thank Flag Link Fri Mar 22, 2013
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