Chase refusing to pay delinquent Condo fees

My buyer has made offers on the same condo for 3 times now. We have gone through the negotiation stages all 3 times and he has come up in price to what the bank wanted now for the second time. He is willing to pay fair market value for the condo. No other offers have been received. He is a cash buyer. We got short sale approval this time, but it does not include the pay-off for the dues. They are not willing to pay it and the buyer wont pay it either.

Any thoughts?

Views: 312

Replies to This Discussion

Permalink Reply by Jennie Blackburn on May 25, 2011 at 7:21am
Negotiate with the condo association to reduce or remove it.
Permalink Reply by Susan Motta Knight, LLC on May 25, 2011 at 7:28am
They have an attorney who is net very negotiable. :-(
Permalink Reply by Kent Dills on May 25, 2011 at 7:42am
How much are the condo dues and how much are the real estate commissions?
Permalink Reply by Jennie Blackburn on May 25, 2011 at 7:47am
my solution (has worked for me 3 times so far) is to get in touch with board members. they are the attorney's customer; s/he has to do as they direct.
Permalink Reply by Susan Motta Knight, LLC on May 25, 2011 at 8:14am

Last time around the dues and attorney fees were 4,000+ they are $175/months and that was about 6 months ago. Commissions are about $1,800/ side. Jennie, who would you suggest would get in touch with the board members the buyer's agent, the seller's agent or the negotiating company? FYI the buyer's mother lives in the building too.

Thanks for all the help.

Permalink Reply by Bryant Tutas on May 25, 2011 at 8:34am
I just had Chase agree to pay almost $15,000 in past due HOA and fees. They were more than 2 years delinquent. Must be an investor thing.
Permalink Reply by Jennie Blackburn on May 26, 2011 at 12:03pm

Susan,

 

"Jennie, who would you suggest would get in touch with the board members the buyer's agent, the seller's agent or the negotiating company?"

 

It can be any of the three, but isn't it the negotiating company's job to negotiate? The seller can authorize anyone to speak with the association on his/her behalf, so we always include the HOA on the Letter of Authorization, along with the lender(s).

Permalink Reply by Eric Mieles on May 26, 2011 at 1:31pm
Try having the borrower write a hand written letter with the hardship, exact discount figures and the reason why this deal won't happen if they do not reduce the fee. Submit it to the board and follow up.

Worth a shot. Good luck.
Permalink Reply by Previous SunTrust Negotiatior on May 26, 2011 at 3:59pm
The HOA is only entitled to 1 year of fees if the home is foreclosed. There is negotiation power there.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************