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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Check the obvious all the time.. Posted by Ward-CA- on August 27, 2003 at 8:03 PM In Reply to: Watch Out For Property Taxes posted by SeanW on August 27, 2003 at 4:49 PM : I'd been kinda lazy about checking back taxes on my prospects. I figured, what's a thousand bucks or so of tax, in the grand scheme of things? Then I noticed a clean looking house go to sale at a reasonable price. : But, there were no bids-- and it went back to the bank. : When I checked the tax records, I realized they made the difference on this deal. (They hadn't been payed in 5 years, which came out to about 6% of the marketable value of the house.) Just enough, for the other investors to go thumbs down on that one. : I'm surprised this can happen. I would have thought a foreclosure would have started long before. Isn't paying tax (like keeping the property insured and repaired) part of the stipulations in a deed of trust? -=-=-=-=-=-=-=-=-=-=-=- Sean, Paying your property taxes as they come due is a concern of a lot of lenders—but obviously not all of them. So never assume they are up-to-date when investing in foreclosures. Takes no real effort to double check and very exactly what they amount to. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I'd been kinda lazy about checking back taxes on my prospects. I figured, what's a thousand bucks or so of tax, in the grand scheme of things? Then I noticed a clean looking house go to sale at a reasonable price. : : But, there were no bids-- and it went back to the bank. : : When I checked the tax records, I realized they made the difference on this deal. (They hadn't been payed in 5 years, which came out to about 6% of the marketable value of the house.) Just enough, for the other investors to go thumbs down on that one. : : I'm surprised this can happen. I would have thought a foreclosure would have started long before. Isn't paying tax (like keeping the property insured and repaired) part of the stipulations in a deed of trust? : : -=-=-=-=-=-=-=-=-=-=-=- : Sean, : Paying your property taxes as they come due is a concern of a lot of lenders—but obviously not all of them. : So never assume they are up-to-date when investing in foreclosures. Takes no real effort to double check and very exactly what they amount to. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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