Should I Pay My Condo Fees When I’m Doing  A Short Sale?

Case in point:

Our client  the  seller stopped making her Condo payments, and the Condo Association  filed a lien against her condo and the other property we were doing a short sale for her.

We were  shocked with the delinquent fees, fines and lawyer fees and a total bill of over $15,000

In the state of Maryland (caveat: different states, different laws) , the law says that in a foreclosure the fees owned by the prior homeowner gets reset with the property when it changes ownership. EXCEPT in the last couple months a new law was pushed to legislation because the condo and homeowners associations were losing thousands of dollars after the banks foreclosed on their properties

A new law passed where it forces the banks now to pay up to TWO MONTHS of condo fees and attorney fees up to $500 whenever a property changes hands with an outstanding fee.

And how this applies to a short sale?

Knowing the law helped us negotiate with this association and force them in reducing their outstanding bill in order for us to complete the short sale.

We negotiated with the Condo Association  association for reduction in fees. . .and closed the transaction.

When it comes to short sale. . everybody has something to gain and something to lose. . .we help our clients by determining what are those factors and we then present them very clearly to all parties.

Watch our video for more information on the subject. .

 

 

Read my eBook about short sales below. .It will answer many more questions about short sales in general.

The Short Sale Option
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An important question:
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240-426-5754 for a FREE Consultation.
What our clients say about us. .

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“Thank you Fernando  and Susan (Team Member)for EVERYTHING!  We are so relieved to be out of this mess and to be able to start over again.
It really has taken a load off of our minds and knocked down the stress level A LOT!  You were both completely on top of your game (and the mountain of paperwork) which made this entire process go so smoothly.  I really cannot believe that it's OVER and everything did work out to our advantage.  We knew we were taking a gamble with the short-sale, but we really owe our success to you and your team.”

THANK YOU!  THANK YOU!  THANK YOU!
Amanda & Eric B

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"Herboso & Associates did an excellent job of listing my condo and handling the short-sales process for me.  Fernando is extremely knowledgeable and took the time to answer all my questions and concerns. He was efficient and took care of all the negotiating with the lender and the buyer.
California Client, A. Nguyen"

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Read my latest book www.AdiosLender.com here

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Disclaimer

The information contained in this website is intended to be used for informational purposes only and to provide a general overview of the topics described herein. There may be tax and other legal consequences associated with a short sale.  Herboso & Associates makes no representations or warranties concerning potential tax or legal consequences relating to any final disposition of any property in a short sale.

Homeowners are advised to consult with a tax professional regarding the potential tax consequences for their particular situation. Herboso & Associates are not Advisors and they are not a legal law firm. We strongly encourages all parties, agents, homeowners brokers and mortgage lenders involved in a transaction to seek such advice from a professional advisor.

Fernando is an Associate Broker and  founder of Herboso & Associates for MD, VA and  DC

Call Fernando Herboso Realtor® Associate Broker
240-426-5754 for a FREE Consultation.
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How To Prepare Your Family To Do a SHORT SALE ?

Maryland DC and Virginia  Short Sales Expert Specialist

 

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