All Forum Posts by: Mark Hu

The general opinion here seems to be that I have it wrong. But I still want to point out:
They presently are impounding enough money from us to pay the supplemental tax bill, and next year's tax bill with plenty left over. The spouse and I have gone over this very carefully.
They also specifically stated they would have paid the full tax bill for this year if it had come on time! (nonsense)
The county was sending all the tax bills to the lender. I would not have received the supplemental tax bill if I had not specifically requested they send it to me.
We paid 30% down payment and had good credit, and they still stuck us with this impound account. I just hadn't had time to look into removing it until now.
Of course we will pay the tax bill, and will consider what is being said here, but we still have our doubts about what is going on.

I believe I am being misunderstood here. The lender actually is collecting enough money to pay for the older tax bill AND the supplemental tax bill. We both calculated 1.25% of the purchase price, that is what they are collecting, that is what the supplemental tax bill adds up to.
What we were told is they will not pay the supplemental tax bill because the assessment came 7 months after the purchase! So they paid the old tax bill, and refuse to pay the supplemental tax bill, although they are holding enough money to pay for it. They said they would eventually refund the money we are still putting into the impound account. I can't believe they told us that

Our lender is impounding money for our property tax bill on our new condo. I've been checking up on them, and was recently astounded when they told us they would not be paying our supplemental tax bill (the difference between the old tax bill and new one based on purchase price of the condo). They have the money already in the impound account!
Isn't this extremely unethical? We would like to cancel this tax impound account immediately, but I've read it is very difficult. If they are being unethical can I take them to small claims court?

The subdivision/block/lot is recorded map reference. Does this recorded map have a relationship with Government Survey, (sections, township and range?). Does the recorded map itself have to be referenced to the Government Survey? I can't imagine it is just arbitrary like the APN.

What exactly does the legal description of a property mean? Is it the Lot and Block survey system? I know it does not match the APN number, the lot number of the APN differs from the lot number of the legal description.

We are considering doing a 1031 exchange (now the economy is looking up) but we are hesitant also. We were looking to buy for the last 4 years but it was a very frustrating experience, even without the time pressure. Under the gun, who knows what kind of compromises we will have to settle for?

I just received a copy of my tax bill, the amount is the same as the previous owner's bill.
I am sure they will update this to the higher rate from when I bought it last year. So I will receive a supplementary tax bill for that along with my regular tax at the higher rate? So come November I will be whacked with a double whammy?

The lender is impounding an amount equal to 1.25% of the sales price per year, which is sufficient. What I am glad to hear is that they are responsible for any penalties if they are late or make a mistake. So I feel great if that is true. Nevertheless we are considering taking over the taxpaying ourselves.

My lender is impounding money for my taxes (+4k/year) and I've heard the county sends the tax bill to them. I found out they paid in March the same amount of tax the previous owner was paying, which is much less than I will be paying. They said don't worry, if there is a problem they are responsible. Is this true?

My niece is renting an apartment from Piedro del sol. This is an apartment owned by San Diego State University but run independently. Her roommate was given a sublease, and my niece never received the sublease until she asked for it latter.
Isn't this odd? The sublease means the management doesn't control her roommate. Also the manager never explained to my niece the meaning of the sublease.
Is this normal procedure for student tenants? It seems strange to me.