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Short sale, HOA ownership ..Help!

My sister put a offer in on a short sale in 11/2012. Seller accepted and we are still waiting on the bank. The listing on most websites has shown pending until today. We  noticed today on the "price history" that it now says, sold: foreclosure action on 12/2012 but with a status of pending still. The county property records show that the HOA now owns the house. What does this all mean? can not get a hold of our agent today. Thanks

  • January 27 2013 - Orlando
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Answers (8)

Yes, work with agent... Its easy to see how one could get confused by relying on systems... remember GIGO, garbage in garbage out...
  • March 27 2013
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Profile picture for user9923333

Thanks for the information. Our realtor found out the home is now owned by the HOA. They took ownership back in Dec. Janet and Craig are both right, it seems that it could go either way. The HOA does not want to hold onto to this property but may decide to rent to get some money back or sell it for cash. It also depends on the bank. Thanks agian guys!..last question..given that the HOA took title in Dec/2012, shouldnt our agent catch this change?

  • January 28 2013
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Craig gave you the right answer. 

The forclosure process proceeded at the same time your sister put in a short sale offer.  The HOA bought the property at the foreclosure.  The short sale is no longer available.

Eve
  • January 28 2013
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The Homeowners Association likely does not want to own this property, but did want to collect on unpaid dues.  I'd ask my agent to present an offer to the HOA, which will likely need board approval in order to proceed.  They may choose to hire their own agent to give them an opinion of value, and will weigh factors like quick, cash purchase versus one that needs bank financing. Short sales have gotten a bit easier, but can still be pretty frustrating for buyers.  Hoping all goes well for your sister!
  • January 27 2013
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Profile picture for wetdawgs
Work with the agent.   Sometimes information is distributed to places like Zillow that is incorrect.  
  • January 27 2013
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Profile picture for user9923333
From what I understand the owner just filed bankrupt. Hoa now shows owner of the house as of 12/2012. Agent said this past week that hoa fees from previous owner have been taken care of and it looks promising fot my sister. But today we saw the updated info on zillow that i shared below..that has confused us. Thanks for the replies
  • January 27 2013
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Profile picture for craigfial
If the HOA foreclosed, they now own certificate of title subject to 1st mortgage.  The HOA can sell the lien to an investor, or rent the property to recover their losses.

Unfortunately, in your case, it makes it almost impossible to purchase at this time.
  • January 27 2013
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Profile picture for Neeraj Jassal
Was there any disclosure from the seller's side that might indicate the the HOA had a first-right of refusal?
  • January 27 2013
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