The folly of Short Sales and Condo association fees

Just a quick notice to those who are trying to get condos in short sales. If you think it will all be smooth sailing, you may want to think again. My buyers were saddled with $10,000 in past association fees which were OUTSIDE the price of the unit. This means that instead of bringing and additional $2,000. to closing (had it been added to the purchase price and paid by the bank), they had to bring the entire $10,000. to closing. To add insult to injury, BOA gave them a hard time about a wire transfer and delayed closing by 3 days. Thank God we had time built in before the banks' deadline!

To short sales I say, Bah Humbug! 9 months work for a reduced commission. The up side? I met two very nice people who I now consider my friends. :)

Best of luck in your new place Lisa & Eric!