Buying a house with Assessment Balance

[Andrew Tuquilar]

Hey guys,

I'm currently looking a purchasing an REO property that is a very good deal. However, there is one issue. There is currently a special assessment balance of $3,200 that says in the purchase addendum that the "buyer assumes all special assessment levies."

The MLS lists annual property taxes at 1,900 and taxes w/assessments $2,500.

Does this mean that the special assessment taxes are paid in annual installments? I wouldn't mind if it was structured this way, but I really don't want to pay the whole balance of $3,200 at closing.

Any insight would be much appreciated.

[Steve Babiak]

Don't ask the bank to pay that assessment when the listing already indicates the bank doesn't want to do that. Instead, lower your offer by that amount.