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Posted by Karen on December 3, 2014 at 9:45am in Short Sale Discussions

What does a bank typically pay towards HOA fees in arrears? The property I'm short selling has 3 different HOAs.It's not a condo.

Anybody know?

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Wayne Brooks December 5, 2014 at 2:39am

Agree with Brett. Here in Fl the bank knows they'll only have to pay 1% of the mtg, or 12 mo.s of dues, whichever is less if they take it back at auction, so that's typically their limit. Have the buyer prepared to kick in something toward the dues.
Jonathan Katz December 3, 2014 at 10:29am

It depends on the investor guidelines and the NET proceeds being offered from the sale on if they will contribute. Typically they will pay one year of back due HOA fees max.

Feel free to contact me if you have any questions.

www.ishortsalenow.com

310-564-6389

brett@ishortsalenow.com
- Karen > Jonathan Katz December 3, 2014 at 1:24pm
  
  thanks

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