Resale Certificates for Foreclosed Homes

Started by PenyW • 1 replies • 1113 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

PenyW (Pennsylvania)
Posts: 43

Posted:

Hi Folks,

We have two homes in our community (Oxford, PA) that have recently been foreclosed upon and resold. The Board is being asked for resale certificates for these properties. I need to know if we should list the outstanding dues/fees on the resale certificate. In one instance the amount owed is $550. In the other case it's over $700. Should this info be listed as the seller's amount due at closing? I have a feeling that these won't be the only foreclosures in our Association, as the sub-prime mortgage fiasco starts to come home to roost.

Any advise would be greatly appreciated.

Thanks

Peny Ward

MicheleD (Kentucky)
Posts: 4,491

Posted:

We added the delinquencies to one of ours.

We listed it as amount required to release the lien.

First they came back and wanted us to itemize it because they would only pay the actual assessment amount pro-rated from when they took title.

So we sent it back itemized.

For whatever reason, we got the entire $421. (Assessment plus late fee plus lien filing costs.)

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here