Have you been following the HOA as it impacts short sales?
The Unintended Consequences of The HOA in Short Sales
Then Florida Short Sales- So HOA Lawyer-What Is Your Intention?
So now we are here the day before closing and the buyer is going to come up with $600 towards the $5000 that the attorneys for the HOA are extorting from the transaction and will not release their lien without the full payment of their legal fees! Remember the sellers owe about $5000 in HOA fees but the other $5000 are legal fees!
Short Sale Closed
Property Location: Miami
Property: Condo
Investor Owned Property
This unit had tenants that refused to pay their rent. The sellers live in New York and had to get the tenants evicted. This put them in the hole financially.
Hardship: Can not get a tenant to cover the payments and HOA fees.
Amount owed to Bank Of America: $200,000 = 2 mortgages originated with Countrywide. The second was a HELOC. Freddie Mac backed mortgage security. Freddie owns the 1st loan, BofA owns the HELOC.
Bank of America approves a $5000 payment to the HOA fees but no payments to the attorneys for the HOA.
Sellers send in $5000 cash to close and to avoid a foreclosure that was looming over their heads from both the HOA and Bank Of America.
Amount sold for: $99,000 ALL CASH- Sold to an investor.
NO promissory note, No repayment plan.
As you can read in the previous posts, this was a nightmare deal. When we took the listing the property was worth $130,000 but we went through 3 buyers- 1st buyer walked, 2nd buyer lost his job so he got a loan denial.
We listed this condo in January 2009. We finally closed today!
So there you have the rest of the story!
Avoid Foreclosure! Call Nestor and Katerina Gasset for Short Sale Information Today- 561-753-0135
To view Florida Short Sales- Click here. We know Palm Beach County Short Sales and Port St Lucie Florida Short Sales and will help you get your home Sold if you need to Sell your home and help you buy your home in Palm Beach County Florida: Call us today.
Copyright © 2010 By Katerina Gasset, All Rights Reserved.*Short Sales- The Nightmare That Finally Closed!*
