Home Buying in Carlisle>Question Details

Stacy Stark, Home Buyer in Paris, KY

Should I pay the property taxes next door?

Asked by Stacy Stark, Paris, KY Fri Dec 7, 2012

My neighbor's place, which has not yet been foreclosed upon has been abandoned and the 5 year old doublewide completely destroyed inside. The house is owned by a woman who's been dead for 2 years; she has 5 kids who would never agree on anything and certainly would not pay any bills on the place.
What happens if I pay the property tax?

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If you are thinking that you will become the OWNER of the property by paying the outstanding TAXES; think again:
The laws can vary, from State to State, but as a rule, you will also have to pay off any outstanding LIENS:
This could include the MORTGAGE, any HOA fees, any MECHANIC'S LIENS.
Then, because you would be buying As-Is, you would need to fix and update anything that was needed.

You might consult with a local Realtor to find out if you could buy it from the Bank.
0 votes Thank Flag Link Fri Dec 7, 2012
Why would you want to pay the taxes? You might as well drive down the road and toss out the money from the window, it might do more good. Trailers are personal property unless a permanent foundation is used. Does it sit on it's own land or is it in a trailer park where the land is owned by someone else? There likely a tax lien already on the property so you would just remove that by paying, but there is going to be penalties and interest too. I see no reason to do it.
0 votes Thank Flag Link Fri Dec 7, 2012
There is no tax lein as the current taxes are not late, so there's also no penalty as of yet. That will change after Dec. 31, though.
It sits on 5 acres of land, and I think it is on a permanent foundation, but from what I understand, it was used as collatera (along with the land)l to take out a home equity loan after it had been paid off. This trailer was paid for by the insurance company after their old home was lost in a fire.
I am interested in eventually buying the land, as it adjoins mine. Obviously, nowwould not be the time - I'm inclined to let the 2 parties play themselves out. I just don't want my other neighbor to pay the tax bill, as I heard from the current owner that he wanted to do that. The liens are auctioned off on the courthouse steps in July.
I just wanted to take that bargaining chip off the table - I know I could lose the money, but it isn't alot, and might be worth it in the end?
Thanks for your response!
Flag Fri Dec 7, 2012
Consult with an attorney who specializes in real estate before paying any money....
0 votes Thank Flag Link Fri Dec 7, 2012
Thanks, excellent advice! I will definitely do that.
Flag Fri Dec 7, 2012
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