can i ask homeowners to pay taxes?
i am working on a short sale that is tight and really wont make much money but i really like the homeowner and want to help them out. bc the deal is so tight, can i ask the homeowner to pay the back taxes for last year and current taxes for this year before we get to the closing table. will that be a red flag to the lender or anyone? i know you guys will say i should not do the deal if it is too tight, but i really want to help this person and i dont think i will lose money. also, i know they have saved a bit of money so do have funds to pay the back taxes and would do it if i told them that is what i need to make the deal work. what do you think? -thanks for your help!
Q. What would be the benefit to the Homeowner?
benefit to the homeowner is that we are going to go forward with the short sale. if they pay our taxes, then that will mean less that we have to pay at our closing since we are not making much on the deal anyway and basically just doing it to help out hte homeowner.
warning i am not mean but am feeling quite argumentive...so please take this with a grain of salt.
what makes you think that they would be willing to pay back taxes when they are already in foreclosure? so they can make you taking their home away from them pleasant?? if they have enough money for back taxes wouldn't you think they would have used it to pay the mortgage to keep it out of foreclousre as long as possible? if i was in the same boat as these guys and you asked me i would think your just a greedy. that's just my take.
I think it should be a lenders requirement to have all owners escrow tax money.
Just my .02.......
dknj23...
What you said is not necessarily so...
Just because the owners may have enough money to pay the back taxes does not mean they have ALL the money to get the mortgage out of defualt...those are 2 different figures....and I think it goes without saying that the default is probablt much larger than the back taxes...(In my own situation..I owe 2,000 on back taxes and they want 18,000 to do a workout...BIG difference)
Also, if sewa buying the property is gonna help them...(and more than likely it will by cancelling out the mortgage debt)...and they have the amount for the taxes....then yes...they should be grateful and probably will be...
Just my humble opinion...