Auction Purchase Dilema Re: HOA
I bought a condo at a foreclosure auction. This is the 2nd time I have done this. I knew there was a lien on it for 4 months of dues so that was no problem. The condo actually was in the process of being sold when it went to auction. I accepted the offer the buyer had made on the condo and they had inspection done on Tuesday. Today, I got a letter in the mail from the attorney stating I owed six months of back Homeowner dues(understandable) but also I owed $6600 for a special assessment of the deck for the condo I bought one week prior to this assessment being done. The sale of the condo was supposed to close next week but now I can’t sell because I was already only going to make $1k maybe $2k. I will actually lose about $5000 if I went on with the sale of the condo. I had no knowledge of this special assessment until today and the attorney states I have two weeks to pay in full or more fees will be assessed. Anyone ever been in a similar situation and have any words of wisdom? If I hold onto the condo, I would have to get permission from the HOA to be able to rent it and pay over $200/month dues. Also, the carpets need replaced so I’m looking at more money being spent to fix up in order to rent or try and resale at a higher price. FYI, I am in Washington State.
check at your local courthouse for correct info