Q: WHO pays for HOA Fees on short sales?
The bank/lender will have to include on the transaction. I have had lenders pay 3 years of back HOA fees and back taxes. They do pay HOA . It is my understanding this becomes a lien on the property at some point and will get paid even before taxes at times. If the property goes to foreclosure the HOA companies will then sometimes go after homeowners.
Q: When should one expect the bank to review the file?
My understanding with short sales is that you don’t get anywhere at all with the process until you have an offer i.e., no assignment of a negotiator or even review of the file until then. If that’s true, then how are some agents getting negotiators assigned and/or asking price agreements made with the banks before they have the home even sold? I understand this could be if they’ve already lost out on a prior offer, but in some cases these are listings that are fairly new and have not received offers yet. Are these listing agents just misleading me so I will show the property and communicate to my buyers that the short sale is further along than it actually is?
