Home Buying in Clearwater>Question Details

Kim, Home Buyer in Clearwater, FL

My husband and I and two others are looking a purchasing a condo via a Short Sale. One of the issues

Asked by Kim, Clearwater, FL Tue Apr 7, 2009

pending is there is an outstanding assessment that was due to the Condo Association in the amount of $3300. Who is responsible to pay this past due assessment? Also there are two more $3300 assessments - with one due in July and the other in September. Is there room in the selling price to negotiate this type of fee?

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Answers

4
Hi Kim.

I concur with others.Usually assessments due before closing are obligations of the seller while assessments due after closing are generally but not always expected to be paid by the new owner. An HOA can and does file a lien for the unpaid dues so you may want to look into it.

You may be able to negotiate it in the sale price but make sure you get it in writing.

~ Lana Robbins
0 votes Thank Flag Link Mon Aug 3, 2009
Hi Kim,

It all depends on what your contract says. Your Realtor should be able to help you with this.

Also just so you know... the asking price on the Short Sale may be substantially less than the lender will ever accept. The lender will hire a Realtor (or two) to give a Broker Price Opinion of value. If your contract is significantly less than what similar condos have sold for in the past 90 days, the lender will give you a counteroffer at the higher price. You may find the best values are already "bank owned" since the asking price is a true acceptable price. Bank owned properties go VERY quickly so you need an active realtor that will get you out to see the property within a day or two of listing.

Hope this helps.

All my best,
Alma
Alma Rose Kee, P.A.
Charles Rutenberg Realty, Inc.
http://www.SoldOnTampa.com
813.244.9898
Web Reference: http://www.soldontampa.com
0 votes Thank Flag Link Fri Apr 10, 2009
Hi, Kim. Martha is right. Just be careful . In a short sale, nothing should be taken for granted or assumed. If yours is the only offer to the bank on this property, then you are in a stronger position to ask for a price reduction to allow for the upcoming assessments. I assume you are working with a realtor already, but if not, I would be happy to help you.

Rachel Friesema
Prudential Tropical Realty
727-481-4757
0 votes Thank Flag Link Tue Apr 7, 2009
Generally all assessments due before closing are obligations of the seller. Assessments due after closing are generally, but not always expected to be paid by the new owner. You won't know if there is room in the price until you start negotiating an offer. If you do not have a Realtor to represent you I would be glad to talk with you.

Martha Vasquez
Realty Resources
Web Reference: http://MarthaVasquez.com
0 votes Thank Flag Link Tue Apr 7, 2009
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