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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] tax upset sale Posted by bob on September 24, 2003 at 8:37 AM I bought a townhouse on tax upset sale this Monday in Montgomerty county of PA for $22,640 (upset price or owed tax $5,300). This property is subjected to a 1st mortgage of around $80,000. The final cost is probably $85,000 - $90,000. The market value is around $170,000. I knew this property had been on the market (listing price $174,900) for a couple of weeks and was uner contract in early September. This morning I got a call from the county tax office which I bought the property from. The tax office mentioned that the owner will file a exception and I will have two options: 1. Get my money back from the tax office; 2. Hold my position and wait for solving the exception which may take a year. During that time I have to tie my money and no access to the propety. I guess I may be also responsible for any unpaid mortgage, late fee charge (I estimate $7,000) and any legel fee and uncertainty (I can not estimate how much). I guess that if I hold my positon the owner can not deed the property to the new buyer either. I have to make a decision by tomorrow. Any suggestions will be appreciated. Thank you. Bob Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I bought a townhouse on tax upset sale this Monday in Montgomerty county of PA for $22,640 (upset price or owed tax $5,300). This property is subjected to a 1st mortgage of around $80,000. The final cost is probably $85,000 - $90,000. The market value is around $170,000. I knew this property had been on the market (listing price $174,900) for a couple of weeks and was uner contract in early September. This morning I got a call from the county tax office which I bought the property from. The tax office mentioned that the owner will file a exception and I will have two options: 1. Get my money back from the tax office; 2. Hold my position and wait for solving the exception which may take a year. During that time I have to tie my money and no access to the propety. I guess I may be also responsible for any unpaid mortgage, late fee charge (I estimate $7,000) and any legel fee and uncertainty (I can not estimate how much). I guess that if I hold my positon the owner can not deed the property to the new buyer either. I have to make a decision by tomorrow. Any suggestions will be appreciated. : Thank you. : Bob 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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