Deal is Officially Dead
Just need to vent...after two long months and four (yes four!) attorneys trying to get my first Fannie Mae deal to closing, my deal is officially dead.
Deal was a townhouse where the HOA foreclosed as well. HOA would not waive the lien and Fannie Mae refused to pay it, saying they didn't owe it. I obviously wasn't going to pay it. Asked FM to reduce the sales price and I would pay it...because maybe there's an issue with them paying it directly. Well just got word that FM has decided to pursue the HOA legally.
We're talking about a $4,600 lien on a property I had under contract for $77.5K cash. They will spend more than $4,600 in attorney fees and holding costs to pursue this with the HOA. And I just don't believe this is the first time FM has dealt with an HOA that had a lien on the property. Maybe this is the first time the HOA stood their ground and demanded to be paid?
Trying to remind myself there are no emotions in this business, but this is tough to take.
(Thanks for listening...)
Ursula