my aunt told me to look at this home-buying experience like it's a cartoon. no kidding. i signed papers yesterday, but no money exchanged hands...BECAUSE NOBODY KNOWS HOW MUCH I OWE. say what? no, seriously...the realtor/lender/bank are at battle. some idiot at the bank closed the file on friday, and now his managers are playing damage control. the bank also decided NOW that they only want to pay 3% for closing costs, not 5% as originally promised. (is that legal?) further, the bank wants me to cough up the last 7 months' worth of HOA backpayments...even though i am not the owner. now, how does that work? AND they want me to pay a lien on the property for a roof assessment that was due 5/1/09...again, not the owner! amazing.
now my question is, this bank has a property just sitting there, about to go into foreclosure...and then i come along and want to buy it (after it sat on the market for eight months without a single offer). why is the bank resisting this sale so much? sniff sniff. is that...greed? could come back to bite them in the ass because i am being worn down and if they don't budge soon, i am walking. detachment is bliss. :)
so, regardless, i am sleeping there tonight since i have to pass over my keys to the apartment this afternoon. i pushed the appliance delivery to next week. (a week without a fridge...i am going to have to dig deep to remember my experiences in spain.) my belongings will remain in boxes until the sale is final. i will continue to sleep on my mattress pad. my mail is on vacation hold since i have no idea where to send it. i am having internet turned on tomorrow...for fun.
2 comments:
What a nightmare! Why would you pay for past HOA fees? Heck, they should be offering to cover some of the fees since you're taking the property off their hands and had to clean the place on your own. Then again, they are probably hurting and trying to be too greedy. Wow, things have certainly changed in this market. Hope things get straightened out soon!
g,
i don't know about AZ laws, but in CA the delinquent dues/assessments are the responsibility of the bank, if the bank took possession after the assessment was announced. my HOA board, on which i am serving my second year, has gone to battle with banks (via our management company, attorney and financial guy) MANY times over these things. i'd look into it a bit more so you don't get stuck with all those extra costs.
my sister and her fiance just fell out of escrow yesterday because the property they intended to buy (a bank-owned condo) had some "financial issues" holding it up. i totally agree with you -- why doesn't the bank act swiftly to unload these properties instead of hanging on to them FOREVER?!
be well, bianca
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