Home Buying in 60090>Question Details

sanket7_72, Home Buyer in Wheeling, IL

While Buying a foreclosed property is the buyer responsible for past due monthly assesment upto 6 months?

Asked by sanket7_72, Wheeling, IL Tue Dec 11, 2012

Would banks pay any amount or credit the total to you offer?

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Suzanne Hamilton’s answer
My understand is the seller (bank, HUD, fannie mae, freddie mac, VA, etc.) are responsible for assessments from the day they take possession in full and up to 6 months prior. Any further months are eaten by the association. Buyer is not responsible as long as they get a clear deed and title. Some auction transactions or quit claim deeds and buyer can be responsible. Most traditional contracts require proration of taxes and assessments, but banks should pay back assessments at closing.
0 votes Thank Flag Link Tue Dec 11, 2012
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