Short Sale And Real Estate Taxes
I have a short sale deal and hopefully we will close in a couple of weeks. The homeowner received a tax bill for $4,000 last week. Do I have to pay that money before closing.
[ Edited by investornewbie on Date 08/18/2006 ]
The taxes will be paid. Hopefully, your Proposal anticipated property tax, and were indicated as a disbursement on the estimated HUD 1. If your proposal failed to include the payment of the property tax bill from sale proceeds, the mortgagee may well require you to pony up an additional $4K.
Has the mortgagee issued the formal approval letter w/ terms/conditions for closing?
I was unaware of the tax bill until after I sent in my short sale proposal. What should I do know that I am aware of it.