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Lein on the Property |
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we have been trying to close on a forclosed home for 45 days, a cash sale. After 45 days we found out a line for $3800 from the home owners association is holding the close up. The original owners did not pay for 2 years. What do we do? how can we get this to close as the home owners assocsiation and bank fight over who has to pay the lien or not pay the lien. Can this sale not go through because they cannot agree? We want the house, is it legal for the homeowners to have this lien?. The bank says they will not pay the HO lein...
Help....
Angie |
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Yes, the Homeowners Association has a legal claim on the property for unapid dues.
You ask if that can make a sale impossible -- no, not at all. You could agree to take the debt along with the property, if you're ready to pay all cash.
I expect you don't want to do that, and if you're looking for a mortgage loan, your lender won't give it while there is that prior financial claim on the place.
So as a practical matter, no, you can't buy unless the lien is removed. If you want the place enough, you might try offering the Association some compromise figure -- maybe half the $3,800, to clear the matter up. Or you could get the seller to take $3,800 less, and pay the lien off yourselves.
Let me know what happens; I'm interested.
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Edith
Originally published on June 2, 2008 |
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