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BOA - Won't pay/allow back Condo Fees???

Posted by Susan Stuth on March 24, 2010 at 9:31am in Short Sale Discussions

I have a condo that accrued $10,000 in back condo fees.  We have negotiated with the Condo Association to pay half but I can't get Bank of America to include it in the price.  Any Suggestions?  The buyer needs it in the purchase price so he can get it wrapped into the loan but it is not an allowable item on the HUD according to the neogotiater?

 

Anyone had this problem?

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Replies

  • Pacita C Dimacali March 30, 2010 at 8:04pm
    The last BOA short sale listing I had was also for a condo. By the time the seller contacted me, she owed about $10K not only in delinquent monthly fees, but fines and lawyer fees as well. BOA won't pay for these fees.

    Buyer agreed to suck it up and paid for the fees, out-of-pocket after I negotiated with the HOA for a discounted total. Buyer felt that for what he was paying for (below market), it was worth it. We were lucky! His contribution was reflected on the HOA. His loan didn't change.....but his cash outlay did.

    Over and over again, we emphasize to short sale sellers to keep up with their HOA payments because they can file to foreclose just like any lien holder, and some banks will not pay for the HOA.

    Good luck!
  • Lupe Soto March 29, 2010 at 8:18pm
    When I take a condo listing for short sale, I request my sellers to continue paying the HOA fees, once we get condo approval short sale, we close easily.
  • Dominique Van Ryckeghem March 27, 2010 at 5:39pm
    Escalate it up the food chain of BofA to somebody with decision power.
    The negotiator is feeding you a story.
  • Karen Donovan March 25, 2010 at 12:39pm
    Susan, Same thing with my deal - BOA would not pay. The deal died. I then woke up & told owners I would rent it for them to pay up the condo fees - which we did. Now, another deal I have with BOA - my Title company just put $2500 on the HUD. I don't know what they will do about this when the time comes, though. Strange - they would pay the back real estate taxes but not the condo fees. Don't know what else to tell you.
  • Juan Reyes March 25, 2010 at 11:24am
    oh boy!!

    I am not sure, I had a deal where the seller stopped making her condo payment even though I told her to continue. The short sale got approved and when we requested the resale pkg found out she owed $1,400. I made her bring the money to the table and BOA did allow that.

    I don't know about your situation though. Good Luck
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