Wednesday, February 03, 2010

Why does maintenance fee show $0 for many power of sale properties?

This is a common question that I receive about POS properties and zero maintenance fees on the mls listing.
Hello Mark,

Thanks for your daily information and sure helps...I have a question for you some of the listing says $0 maintenance fees what does that really mean? Is it that the POS includes the maintenance fees for one year?
My answer is:
Hi B.

Thank you for your real estate inquiry.

The maintenance fee shows $0 because the bank does not want to take any responsibility for any oversight or underestimate of the fee, so they put $0.

We/You have to find out from us what the average is for that type of unit.

When you submit your offer, we will receive a status certificate that shows the exact fee for that particular unit.


Mark

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