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when buying a Short Sale property, who pays for back taxes and back HOA dues?

Fri May 9 2008, 22:24 - Torrance - Home Buying - 7 answers
 
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Dee
Home Buyer
in Torrance
Dee, Home Buyer in Torrance in Torrance
Answers (7)
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Pam Winterba… was FIRST TO ANSWER
Typically the seller will, however in real estate anything is negotiable.

Sat May 31 2008, 13:40
Web Reference: http://getprequalified.com
 
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I handle many short sales. In my experience so far, the lender always asks to see an estimated sellers closing costs or a HUD-1 that should include all expenses that lender ( in this case is the seller) will pay off at the closing. taxes, water bill, transfer taxes, realtor fees, etc.... they will usually negotiate on the total price not on a spacific item. In some cases they will give a limit of X amount of $$$.

Sat May 31 2008, 13:36
 
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Hi Dee. I noticed that although you received several excellent answers to your question on May 9th, none of the agents are in your local area of Torrance. My RE/MAX Execs office is in Torrance and I am happy to talk with you about your real estate plans-no obligation! Just call or email me!

Sat May 31 2008, 13:04
 
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Dear Dee,

I agree with Pam and Roberta. Everything is negotiable! I would always try for the seller/lender to take care of anything and everything! It is all a part of negotiating and it never hurts to ask in my opinion. If you really like the house, you can take the charges if they counter them out. If not, you can always find another house. There are plenty of them out there right now!
Good luck!
Joan Patterson
Keller Williams Realty

Sat May 10 2008, 06:54
Web Reference: http://www.calljoan4homes.com
 
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Hi Dee,

Technically, the seller. Since the Seller is pleading to its current mortgagee that he wants to do a short sale, the current lender asks the listing agent to do an estimated costs so when it gets approved, everybody gets paid. The items you mentioned get paid FIRST before the lender decides on Agent's commission.

Good Luck,
Laarni

Sat May 10 2008, 06:52
Web Reference: http://www.laarnisthoughts.blogspot.com
 
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Outstanding question!

These are negotiated issues that can often make or break a transaction. Generally, the buyer (or the agent) will try to pass these obligations onto the lender. In turn, the lender may well require that "someone"else pay for these past-due items.

There have been circumstances where the seller paid for these items, and others where we negotiated directly with lender regarding the repayment of these funds.

These are questions you need to bring to your broker.

(Uh-oh)

Sometimes we win--and sometimes we lose.

Best wishes with your transaction!

(See link below)

Fri May 9 2008, 22:57
Web Reference: http://sandiegopreviews.com/2008/04/27/encinitas-short-...
 
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FIRST ANSWER
Dee.....

It depends on how the contract is negotiated. Be sure to ask for prorations to everything is current. Talk with your Realtor on what is the best way to do that. The lender will probably come back and want to negotiate it out but hold firm. Good luck.

Fri May 9 2008, 22:35
 
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