Posted by David Eppley on April 23, 2006 at 24:14:05:
Good post Karl, I have done the same here in Tx. SRB, If we didn’t have to pay the back taxes and lot rent, we would have to pay more for the MH. You can negotiate the lot rent as Karl has said. David
$1800 back taxes due since 1997 !! - Posted by srb (Tx)
Posted by srb (Tx) on April 18, 2006 at 16:13:45:
How can a lender (Vanderbilt) let this slide for so long? And I am trying to buy this repo and Vanderbilt wants me to pay the back taxes and back lot rent!!
Any suggestions ?! The home is in Texas, so I have to pay a licensed retailer $1000 to buy the property.
The bid itself is only $2800!!
Re: $1800 back taxes due since 1997 !! - Posted by Karl (Oh)
Posted by Karl (Oh) on April 18, 2006 at 16:53:35:
SRB,
There’s nothing unusual about this. The banks don’t typically escrow for taxes, so many times a repo will have a huge tax bill owed. Just build that into the price. Make your offer to Vanderbilt based on the total you’ll have to pay. Same with back lot rent.
I just bought a nice newer 16X80 for $500, because there was $4900 owed in back taxes. The total price was still a very good deal.
While the taxes usually aren’t negotiable, the lot rent often is. Especially if you’re buyer the home to leave in the park. And if you work a deal out with the park on lot rent, there’s no reason for the bank to know about it. Know what I mean?
Karl Kleiner