Foreclosure University Forum


back taxes and such

by foreclosureuniversity ⌂ @, Monday, June 27, 2005, 22:18 (5193 days ago) @ lonniewa

I was just wondering how do you handle back taxes> In WA. state this can
get really expensive. You did not address the back taxes on your hud-1 in
your course.

I also would like to know how would you handle the transfer tax if it was
1.78% of the sale> Median home prices in my area is a little over 200k. So
that is 3500.

What happens if the deal falls through> If I cannot get a buyer fast
enough to do a double close what escrow and closing fee I will be
responsibel for up to that point If I am not able to buy>

Lonnie Turner

If you can't find a buyer in time you lose nothing. You pay nothing. The only thing you've lost is your time. So you have to make a decision. Let it go to auction. Or get some private funding if it's worth it and buy it yourself. Just make sure your profits out-weigh any costs you will incur. Also, the lender just wants to know how much they will net from the deal. Do not try to make them pay closing costs.

Good Luck

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