Has anyone be able to get any bank to pay an assessment (not back HOA's). I have a condo coming on the market that has an assessment that must be paid by close of $17,000 and the HOA's have not been paid for 7 months either -- YIKES!!!!
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It depends in great part on who services the loan and who originated it. Who is the lender? Is it a Fannie Mae or Freddie Mac backed loan?
Well -- I listed the property and put in the listing that the buyer would need to pay the $17,000 assessment. Got a full price offer today with the buyer paying IT ALL ! Yahoo!
I'm in Florida & just had a file like this with Nationstar. Had a $20,000 roof assessment in addition to the HOA dues. The buyer was paying the assessment & we used that as support of his "low" offer. File was approved in less than 30 days, which for me was a miracle with Nationstar! I'm sure the quick response was due to a FC sale that was scheduled for 3 weeks after we closed.
Our problem in Fl is the bank knows they will only have to pay 1% of original loan amount to HOA if they foreclose. Less incentive to allow a large amount now. Good job on the other one!
Not likely. What value? What state?
I had a Chase file that had a $30,000 assessment. I am in California, which is not a super lien state. In order to make this work for my client, the buyer was willing to pay the $30,000 assessment cash at closing to the HOA. The bank accepted the $30,000 as part of the purchase value of the property. I had to fight the bank on the value. They did eventually come around. They would not allow us to include the $30,000 as part of the purchase price so that it could have been part of the buyer's loan. My client also got the HAFA incentive of $3,000.