Promissory Notes, Plus Cash Contribution, Plus Back Taxes, Plus Past HOAs - None Paid by BofA - Ideas?

I have a short sale where the HOAs are a couple of years past due and supplemental taxes weren't paid several years ago.

BofA wants the seller to come up with $5,000 cash contribution at close plus a promissory note, plus pay back taxes of several thousand, plus pay past HOA of several thousand.

Seller doesn't have ability to do this. I've countered once, and they came back with no changes, except to lower commission.

Client may be able to pay past due HOA, but can't do all three, amounting to over $15,000.

Any suggestions?

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Replies to This Discussion

Permalink Reply by Deidre St. Romain on July 1, 2010 at 9:40am

IMHO it would probably best best to have the seller do the cash contribution at COE of 5K - lien holders want "seller participation". This would be best looked upon by the lien holder. This is a LOT to ask the lien holder to pay and if there is no participation by the seller you are probably looking at a denial. But hey this is just my opinion - anyone else have any ideas?

Permalink Reply by Christine Donovan on July 1, 2010 at 9:42am

Seller would be contributing by paying the past due HOAs, which are significant. Seller could do cash contribution but not along with HOAs.

Permalink Reply by Debbie Franklyn on July 1, 2010 at 3:22pm

I thought I had a problem Your problem is insane!
Perhaps they want you to get zero in commissions, or they want to foreclose.

I wish I had a good answer for you. Ask Ben Benita -- bet he has an answer! He would say, "escalate, escalate"!!!!!

Permalink Reply by Kimberley Kelly on July 2, 2010 at 1:34am

I have a Short Sale Listing with approx $15,000 liens against it..past HOA's, attorney fees, taxes. I included this info in the Listing. The offer I have submitted is a purchase price PLUS agreement to pay the back liens..it's a HAFA Seller, so we'll see how it goes..maybe it would be more hopeful for you to let that Buyer go, re-list with the additional liens noted, get a Buyer willing to pay them, then re-submit? Eeek...the time!

Permalink Reply by Debbie Franklyn on July 4, 2010 at 12:45pm

I am personally going to visit one of the Board members of an HOA to explain my seller's situation. I am also going to attend their board meeting on July 13 to appeal to them to assist in reducing the hoa lien. I am going to have to take some funds out of my commission to assist here, but I cannot pay all of it.

I also recommend you do what Ben Benita, just keep escalating the file! Good luck.

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