Condo Foreclosure - Is buyer responbible for HOA Fees that were owed by previous owner

[Lewis C.]

Hello,

When purchasing a foreclosed condo from the bank - Is the buyer responbible for HOA Fees that were owed by previous owner?

If so, is there any way to find out what the total owed may be?

Thanks!

[Wayne Brooks]

In a REO auction, it will depend on the terms of the auction, and whether you're getting a QCD, or what. In a foreclosure by the association, it will be state specific, and the law is usually pretty clear. Here, the entire debt (less the amount you pay to the association through the auction) stays with the property, and any outstanding balance gets inherited by the buyer.