Can i back out by HOA not received (Washington: sales, real estate)

[klin]

Hello friends. i met a very difficult situation. i had signed contract for a house in fairfax from bank. but i lost my job last week and i could not obtain the loan. but for bank contract, i had waived my financial contingency.

my question is, since i never received HOA document from them( there is a HOA), can i withdraw from my contract by that reason and get my 10k deposit back? is this a law that any real estate contract in no va must have HOA contingency? there's nowhere talking about HOA in my purchase contract.

thanks for any reply.

[DavidS827]

You realtor will be the best person to ask, as he/she will have much more info on what your contract states. However, with what you have written, I think you should be able to get out of it.

[klin]

thanks. my realtor is not sure about this thing. so we just want to know whether there's law in virginia that require HOA as mandatory.

Originally Posted by DavidS827

You realtor will be the best person to ask, as he/she will have much more info on what your contract states. However, with what you have written, I think you should be able to get out of it.

[DavidS827]

Yes, you have three days to review HOA or condo docs once you get them. If you haven't gotten them, then I see no reason why you can't back out and get your EMD back.

...have your realtor ask his/her broker for help.

[Fairfax Mom]

You can still back out. All sales are contingent on your HOA

[Yankeesfan]

Here's a copy of the Virginia Property Owners Association Act that might be helpful. (It's a 27 page pdf so I'm not going to look myself.)

http://fairfaxclubestates.com/Inform...Act%202004.pdf

[klin]

Thanks a lot. this is truly helpful. appreciated.

Originally Posted by Yankeesfan

Here's a copy of the Virginia Property Owners Association Act that might be helpful. (It's a 27 page pdf so I'm not going to look myself.)

http://fairfaxclubestates.com/Inform...Act%202004.pdf

[steemin77]

I know this is an old thread, but I interested in exercising the HOA contingency for a different reason. I also have $10K earnest deposit and contract has been ratified on vacant, foreclosed property. However, I called about a home inspector told me he would only come out if the water was turned on because it would not 'pass' under their guidelines otherwise. The sellers apparently will not do this because the property is sold AS-IS? Seems bizarre the water cannot be turned on and I'm not sure if that is even legal.

Regardless, assuming they will not cooperate. my primary concern is getting the $10K back and also not being locked in to a purchase (or sued in some way). Will the HOA contingency offer this protection? I am not sure if the inspection has any impact on a foreclosure since it is sold as-is. Would there still fees to be paid? I am not too concerned with a couple hundred dollars if necessary, but the entire $10K would be quite a loss, and put me in position to almost be forced to buy the place.

[VRE332]

Originally Posted by steemin77

I know this is an old thread, but I interested in exercising the HOA contingency for a different reason. I also have $10K earnest deposit and contract has been ratified on vacant, foreclosed property. However, I called about a home inspector told me he would only come out if the water was turned on because it would not 'pass' under their guidelines otherwise. The sellers apparently will not do this because the property is sold AS-IS? Seems bizarre the water cannot be turned on and I'm not sure if that is even legal.

Regardless, assuming they will not cooperate. my primary concern is getting the $10K back and also not being locked in to a purchase (or sued in some way). Will the HOA contingency offer this protection? I am not sure if the inspection has any impact on a foreclosure since it is sold as-is. Would there still fees to be paid? I am not too concerned with a couple hundred dollars if necessary, but the entire $10K would be quite a loss, and put me in position to almost be forced to buy the place.

You could always get an attorney specializing in HOA law. We use Chadwick, Washington, Moriarty, Elmore & Bunn here's the link Chadwick, Washington, Moriarty, Elmore & Bunn

[Margery]

What does your contract say? There is a big difference in disclosure requirements between a foreclosure and when the bank has taken a deed in lieu of foreclosure. The requirement for HOA documents should be specifically mentioned in the contract. Do you have an agent? If the agent doesn't know, ask the broker. As far as the home inspection goes, it depends on how the contingency was written. Yes, you are taking the home "as is" but the contingency should say you are not asking for repairs but still have the right to cancel the contract if it turns out the problems are too big or too expensive to fix. If you decided that you are too smart to need an agent, you had better consult an attorney. Most title companies have an attorney on staff who will review a contract for you.