I’ve hit a snag in my current transaction and would like some advice.
The HOA fee for a condo I am purchasing was listed at 475 in all locations, including P&S, the original listing, and confirmed in writing by the seller’s agent as well as mine.
I am reviewing the condo documents and they note a $575 fee. I asked my agent to investigate and she told me the following: “When I contacted the listing agent’s team, they said that the condo fee is actually $575 per unit. This particular unit paid a certain amount upfront to keep them at $475 for the rest of the year. So next year the fee will be $575 per month.”
This seems very deceptive to me. The language in my P&S specifically says the seller has no knowledge of assessments or anything that would cause a ‘substantial increase to the HOA fee.” I would think a 20% increase in HOA constitutes substantial.
I’m quite confident I can back out and keep my earnest money. I’d lose all the money already spent- inspection, appraisal, lawyers etc.
I would entertain a counteroffer from the seller, but it would have to make sense.
Any thoughts here? I’m pretty pissed and feel like I’ve been lied to. This isn’t normal is it?