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All Forum Posts by: Caitlin Wild

Caitlin Wild has started 2 posts and replied 4 times.

Post: Florida HOA Back Fees

Caitlin WildPosted
  • West Palm Beach, FL
  • Posts 4
  • Votes 0

Thanks for the feedback! We did speak to a real estate attorney and since our purchase price was about 18k over the final judgement amount for the mortgage foreclosure, the HOA is entitled to that overage. If they take action then we are only out of pocket a smaller amount. Let's hope it works out! Either way, it was a valuable lesson to learn.

Post: Florida HOA Back Fees

Caitlin WildPosted
  • West Palm Beach, FL
  • Posts 4
  • Votes 0

Thanks for the feedback! I'm aware that the HOA would be in second position and how to find the amount if they had taken legal action, but in this case it was in the process of being referred to the lawyer. We guesstimated it would be around 10k, but obviously that was too low. We were lucky enough to get an unofficial estimate from the HOA after we purchased. Next time we will call before, with the knowledge that they obviously don't have to tell us anything.

We did speak to a real estate attorney and since our purchase price was about 18k over the final judgement amount for the mortgage foreclosure, the HOA is entitled to that overage. If they take action then we are only out of pocket a smaller amount. Let's hope it works out! Either way, it was a valuable lesson to learn.

Post: Florida HOA Back Fees

Caitlin WildPosted
  • West Palm Beach, FL
  • Posts 4
  • Votes 0

Hi! First post and first purchase so go easy on me please! My husband and I recently purchased a condo at auction in Florida when the mortgage foreclosed. There were no other liens and the original owner passed away so we believe the condo to be empty. We expected some back HOA dues, but were a little surprised when it came out to be about $26,000. I know we are responsible for these dues, and we plan to confirm everything with an attorney (awaiting a call back right now), but I have two questions.

1. Is there a way to find out the exact amount of back HOA dues prior to purchasing at auction? Obviously, we could call and ask the HOA and they may or may not share, but I was wondering if there are other options? The area we reside in South Florida has the majority of homes with an HOA so purchasing properties without HOAs is unlikely.

2. Has anyone had luck with negotiating with the HOA on the amount due?

We've been watching the auction calendar for a while and only really paying attention to mortgage foreclosures, but now I'm wondering if it's smarter to look into HOA foreclosures. If we have an idea of the amount of the mortgage, we won't have a surprise cost like this. Thoughts?

Post: Florida HOA Back Fees

Caitlin WildPosted
  • West Palm Beach, FL
  • Posts 4
  • Votes 0

Hi! First post and first purchase so go easy on me please! My husband and I recently purchased a condo at auction in Florida when the mortgage foreclosed. There were no other liens and the original owner passed away so we believe the condo to be empty. We expected some back HOA dues, but were a little surprised when it came out to be about $26,000. I know we are responsible for these dues, and we plan to confirm everything with an attorney (awaiting a call back right now), but I have two questions.

1. Is there a way to find out the exact amount of back HOA dues prior to purchasing at auction? Obviously, we could call and ask the HOA and they may or may not share, but I was wondering if there are other options? The area we reside in South Florida has the majority of homes with an HOA so purchasing properties without HOAs is unlikely.

2. Has anyone had luck with negotiating with the HOA on the amount due?

We've been watching the auction calendar for a while and only really paying attention to mortgage foreclosures, but now I'm wondering if it's smarter to look into HOA foreclosures. If we have an idea of the amount of the mortgage, we won't have a surprise cost like this. Thoughts?