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We have a contract that we get a clean title and a disclosure which stated if there are any things i should be aware off that are significant to me before closing. The oil spills can be seen as cosmetic but are under the HOA rules, reason to be fines for and the seller (real estate lawyer) and her husband the realtor, knew about this and hide this. The president didn't just gossip and I never spoke with him before, just met him and he asked when we were going to close and we started to talk. We spoke about having a clean title and no HOA fees and he told me he knew something else and would make a call to be sure. Since we have the contract stating they have to disclose everything, seller should have told that fines were coming up because this was something from months before and she never did anything about it, so I don't understand why she could even sue me or the HOA for something she should have done. It is not a "normal" short sale, although it is a short sale. By the way she moved the closing date already herself because her tenant didn't move out on time. Next they offer to close and pay for the removal of the oil spill and then offer e not enough money to remove it. It took me just 1 phone call to find out how much it was. Also they offered to clean the home in 3 emails and never did, so why should I be affraid to be sued by someone who doesn't do what they write in a contract and in emails. The realtor even included a paper that he would act honest, etc and disclose all he knows, well he forgot about the letters from the HOA which he immediately admitted on the phone to me and the HOA president, to be aware off.
Are you trying to scare me about nothing..... Even the lawyer from the HOA stated nothing was done wrong and it is not like the president was doing any gossip about the seller, we asked about certain rules regarding the community, because we had received some but the community has changed management companies at the time I had called them. The realtor should have told me that, because they knew they had to pay to a different company. By the way this seller and her realtor husband have more lis pendens on other properties and on the internet you can read a lot, even that she didn't win many cases....I even think I have reason I could (I'm not doing it) to sue because of many things were not disclosed to us which they should accding the contract. I don't think if I had a buyers agent he/she would have know all these things. Is a buyers agent going to check out the HOA rules and the community insurance (since it is a town home community). Even the HUD settlement statement was changed because mistakes were made and we found out it had to be different. So buyers be aware, you have to be on top of things and if you have a buyers agent who does that, you are lucky.
You have a very limited understanding of what you are doing. The probabilities likely favor you getting away with it...but you are taking huge risk for little or no reward. You just don't know it.
What happens in such cases is that the sellers house of cards collapse and you are the one sitting there with your hands dirty...gusess who gets the blamed?
You have a very limited understanding of what you are doing. The probabilities likely favor you getting away with it...but you are taking huge risk for little or no reward. You just don't know it.
What happens in such cases is that the sellers house of cards collapse and you are the one sitting there with your hands dirty...gusess who gets the blamed?
Why should I be blamed. Seller postponed closing twice and knew she had had to clean the oil spills or pay the fines, so it is her fault and she knows. She should be thankful that a cash buyer is helping out. I didn't put her in this mess, first of all she is a real estate lawyer so she should know. She postponed the closing so she could get money till the last day from the tenant although her contract with him was over and he could have been out but she asked him to stay longer. Her husband the realtor knew about it but tried to hide it from us, so if the house of cards collapses, that is their responsibility. Most realtors keep a house listed when they do a short sale to get more offers in. This realtor took it off the minute our first offer came in and we lowered the price 3 times. So I'm pretty sure that in this case i know better what I'm doing than the sellers and it shows because this is not the only lis pendens that is going on in their life right now. So for other people it could be a good lesson and for me aswell. I learned you have to know (and I guess you have the right as a buyer) if there are letters out there from a HOA that things have to be changed or they have to pay to have it taken care off. The other lesson is don't trust any lawyer or realtor, check it out and go to companies with good reputations. For a good realtor you can ask a title company for names from realtors who still have many closings, that tells you something
good story. I owned 2 homes in the past and always dealth with HOA's. NO MORE...my next home will not be part of a HOA
The HOA is not so much my issue. They have also very good sides in keeping the neighborhood nice, but sometimes go to far. My issue is that buyers should have the right to have the info if the seller has gotten letters about things they should change in order to prevent fines. Right now the only thing you can know if there is a lien on the home by the HOA and at closing you need the estoppel letter to be sure everything is paid off. Nobody wants to deal with issues that were know to the seller but the seller doesn't disclose and let the buyer solve the issues and the buyer has to pay for improvements which isn't fair and dishonest from the sellers side.
On the website for the new home that I'm going to close on, when you log in you can see all the letters and the reason for the letters to be send out to home owners which is pretty good, but I only got excess after we were suppose to close.
I'm closing my second condo tomorrow and I save 30 to 40 K just because of not having a agent on my side. On my first condo I had a agent and I paid $850 for fire insurance which I had on my HOA. My second condo was a short sell and I my offer was accepted because the seller's agent had all %6 commission for his self and his brother. You know what I'm talking about.
I'm closing my second condo tomorrow and I save 30 to 40 K just because of not having a agent on my side. On my first condo I had a agent and I paid $850 for fire insurance which I had on my HOA. My second condo was a short sell and I my offer was accepted because the seller's agent had all %6 commission for his self and his brother. You know what I'm talking about.
Why do you save that amount...isn't the seller/lender paying the commission?
If you look below the thread there is a "Similar Threads" list with threads of the same category as the one you are reading. I have clicked on them in the past and noticed that several of them were very old. The OP may have been browsing other threads and this one came up as "similar" so he posted without noticing the date.
Now that I've spent all this time reading this thread (just realized it's old) and Bentlebee is still around ---- how does the story end? Did you close?
I'm closing my second condo tomorrow and I save 30 to 40 K just because of not having a agent on my side. On my first condo I had a agent and I paid $850 for fire insurance which I had on my HOA. My second condo was a short sell and I my offer was accepted because the seller's agent had all %6 commission for his self and his brother. You know what I'm talking about.
Seconded, how did you save 30 or 40k? Doesn't make much sense. I'll bet you would have gotten the same or better with an agent.
Seconded, how did you save 30 or 40k? Doesn't make much sense. I'll bet you would have gotten the same or better with an agent.
I agree. Realtors are ahead of the trends, especially where values are due to move downward. These banks will budge if you hit them with a reasonable argument......I just had an agent get a short sale lender to pay off 20K in liens so we can close quickly - something I've only seen in a foreclosure previously. The bank originally wanted the seller to pay and it wasn't going to happen. (This was a lien that cropped up between the issuing of the title insurance and recording of the closing.......yes, in 9 business days a lien was slapped against the property and we were back to square one after the loan was cleared to close and the loan funded). The agent showed the short sale bank rep what was coming on the market in the neighborhood after this one and left a strong impression that if this one was priced at 20K more, it was going to be on the market for a long, long time.
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