Question Details

Jem, Home Buyer in 92582

I am purchasing a home that is REO. We actually rented it last year, not knowing that the owner was in

Asked by Jem, 92582 Thu Apr 3, 2008

foreclosure...
Anyhow, I know that there are back-owed taxes on the property. Will these be paid at the close of escrow if my paperwork states that the seller agrees to pay the non-recurring and recurring costs? Please advise.

Thanks!!

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Jem well it does all come down to exactly how that contract is worded. On any foreclosure it is going to be buyer beware. That is why it usually states that the property is "as-is". My advice is to speak with your agent and make sure about these questions. The way you are asking this makes me ask are you already under contract? If you are it will spell out in there who is going to pay what. You will also want to carefully check the HUD statement. It is not always clear who is going to pay past taxes on foreclosure property. There are circumstances where you could end up paying them. So check with your agent and get the contract out and go over it to make sure you don't have other surprises. If you don't have an agent the address these issues with the closing attorney.

Larry Story
Coldwell Banker Triad
1 vote Thank Flag Link Thu Apr 3, 2008
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