All Forum Posts by: Davis C.

Thanks, next time if there are exemptions involved I'll insist on escrow.

Thanks, that was a helpful post, it does sound very similar and gives me hope since the owners were in possession all of 2018.

You said you were working with previous owners to get a refund. Does the county need them to be involved? This may be a problem since the previous owners were in a nursing home and under guardianship of a bank.

I spoke to my attorney, and he's waiting to hear back from seller's attorney. I'll contact the county for more info, and maybe find out who dropped the ball on this.

Purchased a property March of 2019. Previous owner had homeowners, senior and senior freeze, as reflected in the 1st half 2018 property tax bill.

At closing I was credited 2nd half of 2018 property taxes based on all these exemptions. I received the 2nd half 2018 bill recently, it's in my name and all the exemptions are gone. 

I thought since the property was in the previous owner's possession all of 2018, I would pay the taxes based on their exemptions? If not, shouldn't I have been credited the full estimated amount at closing?

Looks like I'm purchasing a different property off the MLS instead, the numbers work out better. For anyone in the future looking for this type of info, find an attorney asap. An agent isn't necessary, but can help streamline the process as mentioned by Thomas. I was going to cut my agent in based on that reply, he's submitted tons of offers and it'd be a nice way to compensate him.

FSBO cold calling is definitely a viable way to source deals. After reading about how FSBO are always looking for top dollar and are hard to deal with, one could research themselves out of even trying.

Seller verbally agreed on a price, will be meeting with them next week to present an offer to sign. The majority I'll be paying cash, but they agreed to seller financing $60k.

I was just making offers on MLS properties through my agent before this. I wasn't expecting to land an off market deal, and I'm now scrambling to fill in my knowledge gaps.

Do I bring in the standard contract my agent uses? I'm guessing I would need an attorney to setup an escrow for the $60k seller financing? How much should I be paying for this type of closing? I'm open to referrals, as my last attorney's fee seemed high ($2k) for a straightforward transaction. 

Unless I'm overthinking this and should handle closing myself? Any advice on what to look out for would be appreciated.

Old post but for anyone else in a similar situation, get a structural engineer if the bowing is severe. My situation wasn't too bad, I had a foundation company install I-Beams as well. You can also use carbon fiber straps instead, if you don't want to sacrifice interior space in a finished basement. 

I have a rental property worth $220k, rents for $1500/mo, no mortgage in IL. I am self-employed and was looking at bank statement loans when I found a lender that offered an "investor loan" based on 70% of rental income. My FICO is low at 680, the terms given were 7% 5 year ARM, 2 points + $1500 fees, as well as a prepayment penalty.

I'll be selling the property within a year, and would like to find a similar loan w/o the prepayment penalty, and better terms if available. Even better would be a HELOC based on the same qualifications.

 Thanks, that's what I was looking for. The yellow open item bills have already been obtained, but will probably have to be reordered as the penalties keep going up every month. I just needed to confirm that this can be taken care of as a prorated credit at closing.

They were not purchased, 2 years were forfeited (offered at sale but not purchased). I was hoping someone might know the answer on here before contacting an attorney.

If there is a property with several years of open back taxes, with a few years forfeited (offered at sale but not purchased), do they need to be paid off before closing?

Or can it be handed like normal, with the debt prorated and credited to the buyer? I assume that would be ok, but since the penalties keep adding up every month, it would add complications.