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-   -   Paying assessments on short sale (https://www.askmehelpdesk.com/showthread.php?t=290989)

  • Dec 11, 2008, 09:48 AM
    condobuyer75
    Paying assessments on short sale
    I am looking to buy a condo in Florida that is going through a short sale. The bank and I agreed on a price of $89,000 and I signed a contract. I was waiting for my closing date when my real estate agent called me and said that the seller has not paid their condo assessments for over a year amounting to $3,000. She also said the seller has no money to pay and the bank refuses to pay that amount. I get the feeling they want me to pay, but we agreed and I signed a contract to $89,000 not $92,000. Do I have any legal action? What are my options?
  • Dec 12, 2008, 06:15 AM
    stevetcg

    Does the debt transfer to you when you close? If so, insist the bank/seller pays or back out of the deal. You are right - you agreed to pay 89k. That's what you pay.

    If the debt does not transfer to the new owner, ignore it - its not your problem... but be darn sure it doesn't become your problem.

    My best advice though - and I am by no means an expert - is to stick to your guns. You are the buyer in a buyers market and are walking around with a very large check in your pocket. If the bank and the seller don't want to deal, walk away. Cause I live in FL too and am buying a home. There is very likely a place next door also for sale, and frankly, everything around here looks the same. :)

    Talk you're your realtor. He should be able to better lay out your options. I would *guess* that this falls under a title lien and that is grounds for breaking a contract.
  • Jan 16, 2009, 10:01 AM
    sandkicker

    Unpaid lien on title = no mortgage.
    Sooo... either paid at close by "someone"
    or walk away.

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