Home Buying in 90230>Question Details

Davdah, Home Buyer in 90230

I'm putting in an offer on a condo that’s a short sale.

Asked by Davdah, 90230 Fri Mar 30, 2012

I’m putting in an offer on a condo that’s a short sale. There’s a lien for the homeowner’s association dues. Will this be wiped out or am I responsible for paying it if I become the owner of the property?

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Answers

6
You can negotiate it to be paid in the deal. For sure put it in writing.
0 votes Thank Flag Link Mon Jul 30, 2012
Davdah,
Talk to a real estate attorney to get advice on removal of liens. You can also talk to the tile company offering title insurance on this sale. We can't give legal advice here as agents.
0 votes Thank Flag Link Wed May 2, 2012
Make sure the lien is cleared before you purchase it and have it in writing that it is paid in full otherwise you have to pay for it. My recommendation is never buy a condo period!
0 votes Thank Flag Link Wed May 2, 2012
Hi Davdah,

Make sure the listing agent is putting the back HOA dues on the bank. Many times, the bank will pay back HOA dues. Based on our experience with short sales we've had the bank pay them, and sometimes if it is a high amount the bank will pay only a portion of the back HOA dues. If this happens, the best thing to do is to ask the HOA to reduce the amount they are owed. If all else fails, you may have to pay the back HOA dues. Especially if the homeowner is in a financial hardship.

Make sure your agent, and the seller's agent is experienced in negotiating short sales. It is crucial when navigating back HOA dues.

Best,

Kim
0 votes Thank Flag Link Tue Apr 24, 2012
Hi. You may be offering on a listing that I know of in Heather Village. First of all I would write the offer stating seller to transfer title clear of any prior liens including hoa liens. Second, the short sale lender may not approve this. If they don't you may be asked to pay this lien or you may try to negotiate with the hoa. It's all do-able just make sure what you think you have agreed to is always in writing. Feel free to contact me direct.
0 votes Thank Flag Link Fri Mar 30, 2012
It will be wiped out one way or another. An old HOA lien won't transfer to the new owner.

Either the HOA lien will be dealt with through the short sale process by either the existing lien holder agreeing to pay for it OR a combination of the lien holder, the current owner & possibly even YOU, agreeing to pay a portion of it so the HOA will release the home for short sale & the lien holder will agree to the short sale & allow the sale to happen.

It is also possible that the HOA will agree to let it sell for less than what is owed & then slap the (now previous) owner with a personal lien or judgment & go after them AFTER the sale.

You need to have your agent investigate RIGHT NOW what is currently owed & have the listing agent PLEAD with the property management company to NOT file a Notice of Default on the outstanding balance, otherwise the legal fees & major major fines start to kick in!!!===

Shoot me an email if you want to talk about this some more.I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
0 votes Thank Flag Link Fri Mar 30, 2012
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