Bank of America Resources for Buyer's Agents

Hi Guys,

I am on the buyer's side of a BOA HAFA short sale. The agent does not know the investor and I'm trying to assist with the getting this one closed since we've been waiting so long. 

Has anyone had an experience with a HAFA short sale where the bank paid the delinquent HOA fees? 

Do you know of any great resources for buyer's agents to get an real update with what is happening on a file? 

Thanks,


Tyra

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Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on April 11, 2012 at 7:26am

Tyra -

 

I've never seen a lender allow the payment of delinquent HOA fees from the proceeds of the sale.  An alternative would have been for the Buyer to request Seller-paid closing costs of enough to cover the delinquent HOA fees, and the BUYER pay these fees form that seller contribution.- that has been allowed in the past.

 

Good luck

Permalink Reply by Tyra General on April 11, 2012 at 7:43am

Hi Thom,

Thanks for your response. I've actually had a short sale be approved where we negotiated the HOA fees to be paid. It was interesting to me that in this deal the bank was not open to paying anything towards the HOA.

However, I like your idea alternative idea.

Thanks again! 

Permalink Reply by Becky Martin on April 11, 2012 at 7:49am

I have closed several HAFA short sales with the lender paying delinquent HOA fees, sometimes not the full amount owed.... if HAFA was approved before you made your offer that should be an easy approval or denial for closing .....

Permalink Reply by Tyra General on April 11, 2012 at 10:40am

Hi Becky,

Thanks for your reply. Glad to hear that! I thought it was interesting that they didn't approve anything to go to the HOA. 

Permalink Reply by Keji Ogunleye on April 11, 2012 at 11:51am

I have learnt in this new real estate market.. to never say never.. I just closed a short sale in March 26th,,where the lender paid over 6900 in delinquent HOA fees.. This was accumulated since 2009 when the owners stop paying the HOA fees.. I closed another one that BoA paid 1year outstanding HOA fees and BOA have it somewhere on their website for HAFA they will pay only 1year outstanding HOA fees and I have many times negotiated with the HOA attorney to accept what is being offered by the bank.  I personally will not advise my buyers to pay any outstanding HOA fees, but that's just me. 

Also if nothing was approved for HOA fees. maybe the listing agent did not include that amount in HUD-1 and in the equator worksheet..

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