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      09-13-2019, 02:49 AM   #1
svt1998gt
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Closing on an investment property

wanted to seek some advise from some real estate experts.

i have been closing on a property for the last 5 months, reason is because the seller went into short sale right when my offer was accepted. after a few months and the bank finally accepting our offer. the seller is past due on his HOA payments. the listing agent asking my agent if we would cover the 6k, and i said I would not, given the time and opportunity cost i have already went through in working with the seller in making this short sale addendum for him.

Is there any legal action I can leverage? my closing is on tuesday thr 17th
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      09-13-2019, 08:02 AM   #2
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My questions would be did you receive a seller disclosure statement during your initial offer? Is this a residential sale? Or commercial? If it's residential the seller must disclose any liens or financial burdens that are attached to the property in this statement (including past HOA debts). The seller could be exempt from a seller disclosure statement if this is a bankruptcy sale.
Another question would be did you receive a preliminary title report? If so did the past dues show up on it?
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      09-13-2019, 03:08 PM   #3
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Quote:
Originally Posted by Mardio View Post
My questions would be did you receive a seller disclosure statement during your initial offer? Is this a residential sale? Or commercial? If it's residential the seller must disclose any liens or financial burdens that are attached to the property in this statement (including past HOA debts). The seller could be exempt from a seller disclosure statement if this is a bankruptcy sale.
Another question would be did you receive a preliminary title report? If so did the past dues show up on it?
This and get a real estate attorney if you don't already have one. I purchased the home my ex-wife has in a similar situation. The back fees weren't disclosed so I didn't have to pay them. Simple.
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      09-13-2019, 07:20 PM   #4
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Lawyer time, get some advice.
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      09-13-2019, 10:41 PM   #5
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It's not your problem. All liens must be paid off and it's on the seller to make it happen. It comes out of their proceeds. Tough luck for the current mortgage holder. Be prepared to walk.
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      09-24-2019, 01:34 AM   #6
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sorry for going dark, its been busy.

i think we have this settled, looks like title company was doing its job, also title insurance should cover these issues.

basically hoa voted to allow for the shortage and the local city security service approved the same as well.

i should be in the clear. its been a long process and i am ready to get this going.
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      10-06-2019, 02:10 PM   #7
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we got it closed took alot longer but it was time invested. the property appreciated a good amount in the 6 month wait.
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      10-13-2019, 05:36 AM   #8
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OP, my friend and his wife went through that process and it was a nightmare. His words “run away when you see a short sale”. Just when he thought he almost had the house, the deal went from good to bad to sour.
But congrats to you.
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