Home Selling in Chicago>Question Details

Jamesr, Home Buyer in Chicago, IL

Seller sen. cit. ex.=$218.20 sen. frze=$3402.34 out of $6846.30. Buyer wants "Taxes shall be prorated WITHOUT the sen. frze and sen. ex."

Asked by Jamesr, Chicago, IL Wed Aug 8, 2012

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WHat is the true dollar difference between the regular taxes and the current taxes with the various exemptions. It's a negotiating point. The current seller has these exemptions and if you feel confidant the buyer won't walk, say NO. Taxes prorated based on seller's current situation and not buyer's future situation.
1 vote Thank Flag Link Wed Aug 8, 2012
Its tough to say where it will be. I always ask for a proration of taxes at 115% on estate sales, and the rest is on the buyer. Its just part of an estate sale purchase.
0 votes Thank Flag Link Wed Aug 8, 2012
There is no way to know exactly how much the taxes will be without the senior freeze and exception. What are they going to prorate it at?

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0 votes Thank Flag Link Wed Aug 8, 2012
There's a simple way for everyone to get what they want. there's no need to pro-rate without the senior freeze, because the buyer WILL be entitled to those lower taxes next year since taxes are, of course, paid in arrears.

The way to get this done is to have the title company withhold an amount in escrow for taxes upon the condition that the seller fills out the appropriate paperwork with the county next year to keep the senior freeze in place.

Once the paperwork is filled out and the senior freeze is in place for another year, then the title company releases the escrow back to the seller.

The buyer is protected from an early tax bump and the seller doesn't have to pay any more than they need to.

If you need the number of a VERY good attorney, let me know.

Matt Bukovy
Senior Mortgage Consultant
773-416-7107
Web Reference: http://www.mattbukovy.com
0 votes Thank Flag Link Wed Aug 8, 2012
Ask the buyer to come up with the calculation that shows taxes without the freeze! good luck with that!!
I think you are only talking about $3-500 difference, but ask your attorney. How much hardball are you willing to play? Any other issues being negotiated or is this it??
0 votes Thank Flag Link Wed Aug 8, 2012
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