Condo L/O and HOA fees
For various reasons we want to get out of our San Diego condo we purchased 6 months ago. However the $10,000 (at least) appreciation would be lost in commissions and points (selling this place and buying a new).
Although there are probably some big HOA assessments coming (result of past bad mgmt), they are only a small percentage of our appreciation. I thought we could keep the condo and do a lease/option. The condo’s equity (appreciation plus our down) could be refi’ed out and used for purchasing a house. OR... we can try to do a (pro-buyer ) lease/purchase of a house for ourselves. Buying using a L/O will eliminate loan costs and commissions. It all sounds good… doesn't it?
My question is this, how do we handle the HOA fees in the L/O for our buyers of the condo? If we include them in the lease payment the lease payment will seem ridiculously high. If the fees are paid separate, what if buyer do not regularly pay? The HOA can foreclose. I can ask an attorney. I just thought someone may have a suggestion.
Thanks all!
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