I just got a settlement statement back from the title company on a property we're buying subject to. The seller owes $4154 to the HOA. Of course he told us he didn't owe anything. This is a foreclosure property. So, if it goes back to the bank the HOA may get nothing, correct? Should we give it a shot with the HOA & negotiate the arrearage?
Updated about 3 years ago
FYI...the HOA did not put a lien on the property. The seller thinks they're billing him. I think I have to talk to my title agent.
Why not !! I purchase my 2nd primary residence and there was about 4yrs of back dues, granted they were only a fraction of what you are dealing with but they just forgave the balance on mine. Anything they lower it is a win for you.
Maybe, maybe not.....depends on how secure they think their position is.
Depends, you won't know unless you try. Some HOA's are more strict then others and depends on their posistion. Maybe you can get the late fees waived or settle for pennys on the dollar. Will come down to the HOA board and the communications had with them. Most HOA's do want a new occupant who will pay their dues on time so it is in there interest to get a paying owner into the community.