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Rainmaker
735,182
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

First thing is speak with a real estate attorney

Apr 09, 2019 06:35 AM
Rainmaker
1,566,765
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Cry? Tim Nguyen I would NEVER advise a client to do owner financing without a solid contract written by an attorney.

Apr 09, 2019 07:05 AM
Ambassador
3,918,117
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Depends on your state laws. Check with an attorney.

Apr 09, 2019 07:20 AM
Ambassador
1,142,667
Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Most sellers will seek legal assistance from an attorney and foreclose on the property. The HOA most likely will place a lien on the property if dues are not paid. If taxes were not paid, the county will place a lien on the property too. 

Apr 09, 2019 07:47 AM
Rainmaker
2,903,569
Richard Weeks
Dallas, TX
REALTOR®, Broker

Seller can foreclose, just like a mortgage company could.

Apr 09, 2019 07:42 AM
Rainmaker
2,765,619
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

What are the laws in the state of Texas pertaining to property taxes? 

What do the governing documents for the HOA say about collections and foreclosures?

I wish you all the best with your real estate studies. 

Apr 09, 2019 06:27 AM
Rainmaker
682,204
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

I can't speak for Texas and your deal has many moving parts that would require legal counsel.

But I have done many seller carryback deals and consider it to be most important that an impound account be set up for disbursements to make sure taxes, insurance, assessments and association dues are collected along with the monthly payment and disbursed by a qualified account servicer.

Apr 09, 2019 07:53 AM
Rainmaker
3,173,491
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Follow the laws of the state of Texas regarding default and foreclosure. Seek the advice of the competent legal counsel.

Apr 09, 2019 07:33 AM
Rainmaker
2,981,695
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Depends on the laws in Texas.

Apr 09, 2019 07:27 AM
Rainmaker
1,026,482
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Great question for a real estate attorney in your area Tim.

Apr 09, 2019 04:56 PM
Rainmaker
524,304
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

An HOA lien can prevent the seller from presenting marketable title. 

Apr 09, 2019 01:08 PM
Rainer
36,205
Ken Jones
Ken Jones Real Estate Advisor - Toms River, NJ
Real Estate Advice & Training

Tim Nguyen  The creditor can only do what it says they can do in the loan documents (note and deed of trust).

Typically, the creditor will pay the taxes and/or HOA fees and add them to the debt. This is done to protect their interest in the property since taxes are always paid BEFORE any other debt, including a 1st mortgage.

Some creditors will require the debtor to pay these debts by a certain date or the lender will foreclose and pay those debts from the resale of the property.

In the end, the loan documents and state law prevail.

Apr 09, 2019 08:20 AM
Ambassador
4,064,706
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

That should be addressed in their contract.

Apr 09, 2019 01:58 PM
Rainmaker
394,380
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

They can do lots of things. Most likely they should get an attorney and they may want to pay any back taxes or HOA dues to protect their lien position. Hopefully their security instrument (whatever that may be) has some teeth in it for such a situation.

Apr 09, 2019 07:51 AM
Rainmaker
1,280,858
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Only a Texas real estate attorney can answer that AFTER carefully reviewing the contract of the sale.   Remember, not all attorneys specialize in real estate law.  Be sure to hire an attorney that specializes in Texas real estate.

Apr 09, 2019 07:47 AM
Rainmaker
800,056
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

You question is pretty vague and ambiguous. You need to talk with a Texas attorney who specializes in real estate and can review your situation in it entirety. What you are asking is not something we are qualified to answer.

Apr 09, 2019 09:57 PM
Ambassador
3,193,324
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I'm not in Texas so, I can only advise to seek counsel from a Texas real estate attorney.

Apr 09, 2019 07:48 PM
Rainmaker
4,876,157
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

call a real estate attorney.... 

Apr 09, 2019 12:54 PM
Rainmaker
5,270,728
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You follow the terms of the agreements.

Apr 09, 2019 09:15 AM
Rainmaker
417,976
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

It depends on how the finance paperwork was drawn up. Time to lawyer up.

Apr 09, 2019 09:11 AM
Rainmaker
3,049,971
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Wayne Martin has this one!

Apr 09, 2019 08:56 AM
Rainmaker
1,212,784
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Best to speak to an attorney in your state.  I know what happens in California and there are quite a few different things that happen for property taxes versus hoa dues.

Apr 09, 2019 08:13 AM
Rainmaker
16,564
Krista Jenkins, REALTOR®
Egenbacher Real Estate - Lubbock, TX
Residential sales and retail & office leasing

The owner/lien holder could call his/her attorney. That would be the first step.

Apr 09, 2019 08:07 AM
Rainmaker
4,321,524
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Get an attorney, and know Texas laws.

Apr 09, 2019 08:04 AM
Rainmaker
985,479
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

You mean seller default?  I do not get it.

Apr 09, 2019 06:47 AM
Rainmaker
2,944,646
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

I would foreclose of the buyer was in default, however use a real estate lawyer to do it right. 

Apr 10, 2019 05:44 AM
Rainmaker
1,458,267
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Great answers. 

Jun 18, 2019 04:08 PM
Rainmaker
1,036,872
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

An attorney will have an asnwer.

Jun 18, 2019 03:40 PM
Rainmaker
4,024,600
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I would contact a good real estate attorney.

Apr 24, 2019 02:38 PM