Buying From A REO - Posted by ht_tx
Posted by ht_tx on August 02, 2003 at 18:40:12:
I am a new REI and have a deal made with a REO. They’ve accepted my contingency in the offer for addendum review, inspection, financing (which is no problem for me) approval, and final appraisal. What I didn’t think about was back taxes at closing? There is language in the deal about prorated taxes, but my assumption was that it was for the current tax year only. Am I liable for the back taxes or is the REO covering it?
Here’s how the deal looks:
House built in 1999
Earnest Money: $250.00
Purchase Price: $239,000.00
Closing: 60 days
Area of town: Great and new construction all around
After looking at the appraisal records, I see the taxes are delinquent for $9500.00.
Would anyone comment on my exposure?