Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

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LAS VEGAS SHORT SALES - Who has to pay for the Homeowners’ Association resale package?

LAS VEGAS SHORT SALES: Who has to pay for the Homeowners' Association resale package ? Short answer: The seller of the home.

This question gets ask a lot now, or some tend to totally ignore this until after the short sale has been approved by the lender. But, if you want to do a Las Vegas Short Sale be prepared that is YOU the seller who pays for the resale package, not the buyer or the lender.

Senate Bill 253 (SB 253) states, "a unit’s owner or his authorized agent shall, at the expense of the unit’s owner, furnish to a purchaser a resale package". This Bill also increased what must be in the resale package by adding, "and (e) A statement of any transfer fees, transaction fees or any other fees associated with the resale of a unit." Where does it say that? This language is in Section 8 of SB 253.

Here is the link to that statute change: Senate Bill 253 (SB 253)

What is the Resale Package?

Remember when you bought your home you were most likely given this Huge package of documents (100 pages or more most likely) that said what you can and can't do in your neighborhood and how much the fees are, etc.....well, every time a home is sold, this MUST be provided by you the seller to the new buyer.

Your HOA/CIC charges YOU an upfront fee to provide those documents to YOU and in turn YOU must provide them to the buyer.

Most of the time now you can order this online (Contact your HOA) pay with a credit card and they email it to you as a PDF which then can easily forwarded it via email to your Las Vegas Short Sale Listing agent who in turn provides it to the buyers agent, who then emails it to the buyer or prints it out.

CALL YOUR HOA TO FIND OUT AHEAD OF TIME WHAT THE FEES ARE.

Blog Disclaimer-This is a personal blog. All information is provided for informational purposes only and is Not legal advice, consult an attorney or financial expert for legal advice.

Dawn Barrier at HOMESMART ENCORE Las Vegas, Nevada   

 

(702) 812-4550 

 

Las Vegas, Nevada   

January 2020

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Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

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HOMESMART ENCORE Las Vegas Dawn Barrier

(702) 812-4550

s.0065708

Comments

Thanks for the heads-up, I'm out in California and we have some communities with HOAs and such...  I'm going to check with my state REALTOR® board to see if there is anything on the books...

Thanks again for the post!   

Posted by Richard & Janet OBrian, Listing Specialist Palmdale, Lancaster CA (Home Based Realty) almost 11 years ago

Thanks!  I really want future sellers to be aware of what fees they will still have to pay as I don't want them to be surprised if I can at all help them know ahead of time.

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) almost 11 years ago

Dawn it's funny how every seller gets amnesia once the approval comes! Resale package, Huh?

Agent, " Remember in the listing agreement where we stated the only thing you will be responsible for is the demand and hoa resale package."

Seller," I don't remember that. I don't have any money remember?"

Agent thinking to self, " This has taken 8 months for approval and you haven't paid a house payment in 12."

Agent says," Ok I will pay for it and try to get reimbursed at closing."

We all know that doesn't always work!

I guess in the sellers defense and as long as a short sale takes, it would probably be hard to go back that far and remember it! I always include that in the listing agreement but everyone plays dumb when the approval comes.

Posted by Jeff and Lee Ann Mix, Las Vegas Homes and Short Sale Agents (Orange Realty Group) over 9 years ago

Oh, I feel for ya on that!   Disclose, Disclose and disclose.  

I constantly remind sellers about this all the way thru the deal as Las Vegas Short Sales can take longer than a traditional sale & I don't want them to forget and I won't pay that fee.  That is why it is in writing from the start to finish.

I know for short sellers it maybe hard to come up with this, but the HOA's typically have them put it on a credit card, so that technically will allow them a 30 days extra to actually pay for it.  

It is better for a seller to have to pay a little when doing a short sale then end up with a foreclosure

Posted by Dawn Barrier in Las Vegas at HOMESMART ENCORE, Homes in Las Vegas Nevada 702-812-4550 (HomeSmart Encore - Las Vegas) over 9 years ago

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