Posts Tagged “delinquent HOA”

Had a call Friday and Agent says the seller’s lender will approve the short sale but will not allow any payment from Seller to bring the delinquent Homeowners Association dues current. The responsibility would fall on the buyer to do so. QUESTION: Can the Buyer come out of pocket to pay the seller’s HOA arrears so the deal can close?
ANSWER: Yes, the buyer may provide additional funds to bring the HOA current, through escrow. This must also be disclosed on the purchase contract (and, of course, the HUD-1 Settlement Statement).

For more short sale tips

http://www.slideboom.com/presentations/353269/14-Short-Sale-Tips-For-Homebuyers

Comments No Comments »