Just curious. Do they (asset company / bank) pay them current at close including the defaulted time by the previous owner or just since they had ownership of the property? Have you had HOAs file liens or just claim the money is owed without a lien filed?

One asset company has me pay them which can suck if it doesn't sell quickly.

I have to pay them up, but only from the time the bank took over. If there is a lien from the previous owner it can be negotiated under contract. The bank ends up paying the liened portion through escrow.

Mine usually pay at escrow. The HOAs want so much proof just to give you the past due info I just leave it up to my client's to deal with...

Once. The HOA would not give me lobbly key to get to the condo until I paid any and all outstanding HOA fees from the previous owner. My client paid.

Another time, there was a HOA lien on title from the previous. My client paid it at closing because they had to give the new buyer a clear title.

Another time, the HOA accepted payment for all past HOA fees from the time the bank took title at closing.

I tried to get info from a HOA yesterday. They told me that there was a balance, but they would only release it to the new owner once the sale is final.

I hope the bank takes care of it because she told me that it had not been payed in over a year.

The HOA Nazis around here won't release info to you if you are not the owner--even if you represent them. I get the info for the clients and their accounting departments handle them. However, check out the fees on one that closed yesterday:

3 month prepay: $660
transfer fee 1: $100
transfer fee 2: $150
initial contribution: $450
annual fee: $225

Wow.

Pretty Cheap - is this just a non gated bedroom community with no CC? (Country Club or Community Center)

Most HOAs wont release the balance to the agent.

They usually give the info to the AM who in turn tells you to pay it.

This week I paid one HOA for $1300 and another for $288.

Not here it isn't. Typical HOA fees are $400 a year and total transfer costs are around $250. This one cost over $1000 to transfer so that's pretty expensive. There is also a $200 monthly fee for this HOA.

HOAs around here will usually send the agent a bill if we send them a copy of the Trustees Deed and a letter requesting a balance. They like anyone else want to get paid.

HOA fees can be a big challenge with most of my clients- they want me to pay the delinquent assesments upfront (6 months prior to foreclosure date not from NOD- some HOAs will argue this with you). We had one recently that was $5500 on a 79k condo... we paid and my client reimbursed 45 days later. These can add up quick! -Renee

i always tell the HOA to file a lien against it to ensure they get paid, and then the bank can't argue with it, its a lien, they can't transfer ownership without paying it. They dont like it, but then it comes from the title report, not me....

And you still have REO clients??? You must be damn good looking with a huge rack.

This is exactly right.