Lenders don`t play by the same rules in a Short Sale.

Often banks agree to a sales price when they`re presented with a contract, except they refuse to honor HOA fee`s or back taxes owed. There lies the problems which continue to arise when dealing with a “Short Sale”.

I can`t tell you how many times I`ve attached an addendum with our offer to the lender insuring our offer includes Taxes and HOA fee`s to be included as part of the sale.

More times than not lenders will attempt to wiggle out of honoring what they sign. Such was the case yesterday. After going back and forth with a lender over the of a home located in Pembroke Pines,we finally agree on a sales price.

Our Short Sale addendum was attached to the offer,signed,acknowledged the Taxes and HOA fee`s were to be incorporated into the price.The lender signed off,our offer was fully executed.

Yesterday, we received the HUD-1 statement and lo and behold the Taxes and HOA fee`s were added to the price.

Our attorney began contacting the lender as well as the attorney representing the seller. They went back and forth for hours,the lenders denying the addendum. It seems the lender believes they never signed off to our addendum and refuse to honor our contract.

Short Sales are never easy, it requires a lot of additional work to complete the sale.

Having an addendum added to a contract isn`t something the lenders are accustomed too.

In the case of our contract. The HOA fee`s owed are $3500 and taxes owed are $4200. It appears the lenders are willing to split the difference,which isn`t sitting well with our buyer. Our attorney feels the contract will never close unless the buyer agrees. Lenders don`t have to play by our rules….

For additional information: Contact The Scott Daniels Real Estate Group @ realestatefla1@yahoo.com