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FHA short sale and taxes

By Mark Ryan

Real Estate Agent with Mark Ryan Group / Re/Max Victory

January 15, 2008 03:31 PM

Finally got the approval on an FHA short sale today and now it looks like they may try to not pay the taxes... The seller may have to pay the back taxes and the proration that is standard for the area? If the seller had $3000 sitting around they most likely would nto be in foreclosure...

Any experience with this and/or thoughts?

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Amber Castonguay

eXp Realty - Oconomowoc, WI

Servicing: Waukesha, Jefferson, Dodge County WI

You could ask the Buyer to raise the purchase price and give a credit back to pay the taxes, because typically they are getting a good price on the home so they shouldn't mind doing this. I will hopefully be closing on one next week and the Buyer actually came up $4,000. If they are informed about the Short Sale process they will hopefully hang in there. Good Luck.

Jan 18, 2008 03:21 PM

Mark Horan

Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL

"The Resident Chef" - Resident Team Realty LLC &

Mark- were they submitted on the HUD? If so, they are just trying to work you to see if the seller will pay them.

Feb 07, 2008 02:31 AM

Steve Shatsky

Dallas, TX

On the FHA Short Sales that I have done, all tax liens were considered the resposibility of the Seller. In each case the lender said that they would work with us if they could but that because it was an FHA Short Sale there were HUD parameters that they had to work within in approving any aspect of the transaction.

Feb 07, 2008 04:07 PM