Question regarding buying a foreclosed condo - who is responsible for past due HOA fees (and taxes for that matter)

Asked by Firsttimebuyer, Chicago, IL Thu Jul 8, 2010

I am putting in an offer on a foreclosed condo that I found out has a healthy amount of past due HOA fees. Who is responsible for paying these fees? Are they paid/erased by the bank or foreclosure process? How do I protect myself against getting hit with thousands of dollars in fees? Thank you in advance.

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3
Jacob Kurtz, Agent, Fair Oaks, CA
Thu Jul 8, 2010
HOA fees become a lien on the property and must be released (paid) prior to closing of escrow or you will get stuck!. Normally this is something that the selling bank should take care of on their side of the HUD, however, make sure that title does a complete and thorough search for any liens and then make your purchase subject to any ourstanding liens "to be paid"! Part of the process should be a lien release or copy thereof in title. Shouldn't be a big problem....but I HATE HOAs! Good luck!!
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Bob Tanski, Agent, Newton, MA
Thu Jul 8, 2010
I don't see what you'd be responsible for the past due HOA fees. You were not the owner at the time the fees were due. Of course these things vary from state to state and there may be other liens against the property. To protect yourself consult with a real estate attorney in your area.
0 votes
Bob Tanski, Agent, Newton, MA
Thu Jul 8, 2010
I don't see what you'd be responsible for the past due HOA fees. You were not the owner at the time the fees were due. Of course these things vary from state to state and there may be other liens against the property. To protect yourself consult with a real estate attorney in your area.
0 votes
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