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Old 12-19-2020, 02:01 AM
 
Location: Baltimore, MD
6 posts, read 1,542 times
Reputation: 10

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I am under contract on a home and should only be waiting on the seller and HOA to settle his debt (around $9K principle, late fees and legal fees). I was wondering if anyone could provide how long it generally takes to settle?

The process has been ongoing for around 2-3 months now, with the seller going from zero to $1,500 to $3,500 offered to settle as of 1 month ago. I should also mention this is a short sale and the HOA lien (if it is in fact a lien) is subordinate to the mortgage, so in the event of a foreclosure they would only get $1,200 by state law given how much the original lender is losing. My primary concern is the timeline as I can't wait forever, so any insight into how long it has taken in other situations (and specifically if any were short sales) would be greatly appreciated.
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Old 12-19-2020, 06:30 AM
 
Location: The Triad (NC)
31,372 posts, read 69,765,043 times
Reputation: 37459
Quote:
Originally Posted by ChuckWP View Post
I am under contract on a home and ...
Do you have an attorney or are you depending on agents and title companies?
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Old 12-20-2020, 12:21 AM
 
3,324 posts, read 3,101,450 times
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Since you are the buyer, it is your choice where to settle and what title company to use. I would hope that you have a good real estate attorney on your side and you are going to settle in his office. He should be giving you advice on the negotiations and time limitations. I certainly would not be buying a property in a short sale without the guidance and title search of a real estate attorney.
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Old 12-24-2020, 01:23 AM
 
Location: Baltimore, MD
6 posts, read 1,542 times
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Originally Posted by MrRational View Post
Do you have an attorney or are you depending on agents and title companies?
Not currently, the short sale attorney with the Seller is in contact with the HOA and their legal team (if involved) to settle. I have not received much communication outside of brief updates from the seller's realtor, so just trying to get perspective on how long these tend to take. The HOA so far has not contacted me at all or requested for me as the buyer to contribute any funds towards settlement.
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Old 12-24-2020, 01:27 AM
 
Location: Baltimore, MD
6 posts, read 1,542 times
Reputation: 10
Quote:
Originally Posted by james777 View Post
Since you are the buyer, it is your choice where to settle and what title company to use. I would hope that you have a good real estate attorney on your side and you are going to settle in his office. He should be giving you advice on the negotiations and time limitations. I certainly would not be buying a property in a short sale without the guidance and title search of a real estate attorney.
I am unfortunately not involved in any way with these negotiations, they are solely between the seller's bank (short sale attorney) and the HOA (and I assume their legal team). They have not contacted me about this at all (only received updates that this was the hold-up from the seller's realtor). I asked if they could provide specifics but they have not been overly forward with it, i'm just hopeful that this can be resolved soon, it would be my hope considering they haven't once asked me to contribute anything towards settling the seller's HOA debt. Potentially because the know it's a secondary lien (if they created a lien at all) to the mortgage, that they won't get much from me.
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