Fannie mae foreclosures seller concessions

My answer is of a general nature and should not be construed to be legal advice nor creating an attorney-client relationship. That way you have the benefit of their experience and, typically, they will know what the law allows and can be more persuasive. If you really want to get this contract to the closing table, you should hire a real estate attorney who has recent experience negotiating short sales. Short sales are not for the faint of heart. That means that the bank also must agree with the terms of the agreement, and, in this case, the HOA must also be in agreement with the arrangements being made to pay off the HOA fees due in arrears. Short sales are also different in that, technically, you do NOT have a fully-executed contract until ALL parties to the contract have signed off on it. Just because you are willing to extend the closing date does not mean that the other party has to agree. Once the agreed-upon closing date has been reached, if closing does not occur, or a bilateral agreement to extend has been executed, the contract ceases to exist. MoreДЄll contracts for the sale or purchase of real estate are date-specific.

It is always recommended you consult an attorney in person to discuss your case. This communication is not intended to create an attorney/client relationship. If the HOA is causing trouble now, just wait until you're trapped living under it's rule. You as the buyer could bring a summary proceeding in court to demand an estoppel that is compliant with the statute, but my recommendation is to find a new property. The other thing that might be happening is the HOA is adding unreasonable charges to pad the amount due such as the HOA attorney has added his/her fees for handling the foreclosure since the HOA is named as a defendant. A recent case brought up an incident involving Fannie Mae and Bank of America and the court ruled the statutory safe harbor cap of 12 months of assessments did not apply when the entity taking title did not have title during the foreclosure. First, Fannie Mae may own the property now, but a different entity may have foreclosed and it is uncertain if Fannie Mae owned the property during the foreclosure. There could be one of two things going on here. It includes the following subparts: Contractual Obligations, Getting Started with Fannie Mae, Maintaining Fannie Mae Seller/Servicer Status, Setting.

Fannie mae foreclosures seller concessions