Posted on: 21st Jul, 2011 07:11 am
I am ready to make an offer on a REO condo.
the property was forecclosed on in June 2011 and vacant since 2008. The HOA assoc has a lein on property for non payment of dues. In Florida am I responsible for any past dues? THere is also something about a 5% added premium payable to association, this could be a deal breaker if bank will not pay this additional cost/
the property was forecclosed on in June 2011 and vacant since 2008. The HOA assoc has a lein on property for non payment of dues. In Florida am I responsible for any past dues? THere is also something about a 5% added premium payable to association, this could be a deal breaker if bank will not pay this additional cost/
From the most part that I know, banks are not keeping up on the HOA dues. It would become a negotiation between you and the REO bank. Try finding a SFR without HOA dues, walls in coverage and mortgage insurance, you may find you dollar can go much farther.