What Every Buyer Needs to Know About Condo Short Sales and HOA's
If you're in the market for a home and are considering purchasing a short sale that has a homeowners association associated with it, make sure you know if there are any delinquent fees associated with the property. Pamela Seley lets us know what to look out for before making an offer.
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Not all sellers will be able to keep their HOA dues current by the time they market their home for short sale. If HOA dues fall behind, the Homeowner's Association may file a lien on the property, making it impossible for a sale to take place until the delinquent fees are paid in full.
Typically lenders will not pay for delinquent HOA fees in a short sale transaction. If the Seller cannot pay, then it will fall to the buyer to pay.
What the buyer should find out before making an offer:
1. Is there a Homeowner's Association?
2. Are HOA dues delinquent?
3. How much are the delinquent fees?
Only the homeowner would be able to inquire of the Association the exact amount, if they do not know what is owed because of additional late fees, etc.
A buyer may be in for a surprise if they wait until the end of escrow to find out how much they are being asked to contribute to pay seller's delinquent HOA fees. When in doubt, ask your agent.
Whether an investor, or first-time home buyer, if you need help buying residential real estate in Temecula Valley, California, contact me for a free, no-obligation consultation.
Pamela Seley, REALTOR®
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