I have a question that I would like to pose to our various short sale experts.
It has to do with delinquent property taxes.
As I am sure those of you who do short sales on a regular basis know - if there are property taxes still owed to the county where the property is located (not a 3rd party tax company that becomes a lien) - we have to show those taxes on our prelim and final HUD that we submit for the short sale. (I know, 3rd party liens need to be shown on the HUD1 also- but I am just talking about delinquent taxes that have not been paid to the county)
And of course they will negatively affect the net dollar amount that is being shown as offered for settlement to the lien holder.
If the taxes end up getting paid (usually by the lien holder) - then they will not need to be shown on HUD anymore.
It was stated in a seminar that I attended by someone who claimed to be a short sale "expert" and a previous negotiator that if the homeowner contacts the lien holder and lets then know that there are delinquent property taxes and that the want the line holder to get them paid up - that the lien holder was required to pay the delinquent taxes.
It can not be a request from the agent or any other authorized 3rd party - but has to be the homeowner.
I have never heard anyone else say this - nor have I heard of it happening.
I wanted to know if anyone has had any experience with this.
I just had a situation happen on a short sale where when we started working on it - there were property taxes still owed for 2008 and 2009. The county actually scheduled a foreclosure date for the unpaid taxes - and so once the lien holder was aware of the posted foreclosure (since tax liens are 1st position liens and will wipe out mortgage liens) - they paid the delinquent taxes.
Now I no longer have to show them on my HUD1 - so my net looks way better even with the exact same offer.
Any comments would be appreciated.
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