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Caipirinha, Home Seller in 33314

Do I Need To Pay Real Estate Taxes When I Go In Short Sale?

Asked by Caipirinha, 33314 Fri Jan 21, 2011

Do I Need To Pay Real Estate Taxes When I Go In Short Sale

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11
Why are we bothering with 2 years old questions, and get notifications on it?
0 votes Thank Flag Link Fri Jul 20, 2012
Uncle Sam may find you liable for any unpaid property taxes until the day you were in possession of the home, once property ownership is transfered your lender most likely would have pay. The forgiven amount could be consider as "income". Please ask an attorney or a PCA about your responsibilities after a short sale.

Wish you the best!
0 votes Thank Flag Link Sun Jan 23, 2011
The answer is no.

also cannot recieve any other money at closing.
Recomend that you hire a Realtor that is familiar with the short sale process.
Web Reference: http://RealEstate911.com
0 votes Thank Flag Link Sat Jan 22, 2011
The answer is NO! Please consult a Real Estate Attorney as well. Allan
0 votes Thank Flag Link Sat Jan 22, 2011
You can walk away with zero payment from your SHORT sale. The lender will pay the tax but if they accept the short sale. They may not like the net amount they are receiving in a short sale and ask you to pay same money in order to approve the short sale. If they think you have the money or you make enough money, they will try to get you pay some... I have several bank short sale transaction went that way....

Sedat Celik, Realtor
sedat@celiks.com
954-661-2565
0 votes Thank Flag Link Sat Jan 22, 2011
A short sale application without approval does not relieve you of any of your responsibilites to pay your mortgage, taxes, insurance, HOA etc. If your short sale is not approved and you find yourself way behind on everything it is a recipe for foreclosure.
0 votes Thank Flag Link Fri Jan 21, 2011
Hi Caipirinha,

No, you do not need to pay your taxes. Your lender should pick this up as part of the closing costs when you close. We are short sale specialists. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Fri Jan 21, 2011
Hi Caipirinha, I suggest you consult an attorney who specializes in this area. Good luck.
Web Reference: http://truesarasota.com
0 votes Thank Flag Link Fri Jan 21, 2011
IF YOU SELLING, THE BANK WILL PAY. ONCE YOU HAVE A ACCEPTED CONTRACT,YOU OBVIOUSLY HAVE FINANCIAL HARDSHIP, THE LENDER WILL TAKE CARE OF MOST OF YOUR OBLIGATIONS. I SUGGEST IF YOU CAN PAY THE ASSOCIATION DUES.
ANY OTHER QUESTIONS IF IT IS NOT A LEGAL ONE, YOU CAN GET IN TOUCH WITH ME.
WWE HAVE A SHORT SALE DEPARTMENT FULLY USED FOR SHORT SALES ONLY.
ANDREW MULLER , WEICHERT RE. WESTON. 305-343-1135
0 votes Thank Flag Link Fri Jan 21, 2011
In Florida, Property taxes are paid in arreas.
0 votes Thank Flag Link Fri Jan 21, 2011
Dear Caipirinha,
Short Sales can be complicated. Ideally if you can work out a new payment arrangement with your current lender and keep your home that would be ideal for your credit score. But there are times when people are upside down so far that they just can not justify hanging on.

If this is your primary home and you had paid your taxes by Dec. 30th of 2010, you may have been entitled to a tax deduction. For these types of reasons, you will want to discuss with your tax advisor.

In most cases I have run into, the homeowner just could not afford the rising mortgage payment or the taxes, so they let everything go. At about 3 missed payments the banks will start the forclosure proceedure. At this point if you can show the bank you have been activly trying to sell the home and you have a real offer with a qualified buyer, they may look at taking it in lieu of forclosing on you. (short sale) Please speak to a Lawyer about your obligations after the sale of your home. You may or may not still be obligated to pay the difference in the amount you owe vs what you sold it for. A Lawyer can look at your individual rights based on your situation and can protect your best interest. There are recently laws passed that might apply to you.

It is not expensive to get hepl with a short sale. A professional Realtor in your area can advise you.
Best Wishes to you and your family

Patti Fortune
Keating Associates
Naples FL
0 votes Thank Flag Link Fri Jan 21, 2011
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