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Updated over 9 years ago on . Most recent reply

User Stats

13
Posts
4
Votes
Tim Carter
  • Flipper/Rehabber
  • Duluth, MN
4
Votes |
13
Posts

Surprise Special Assessments

Tim Carter
  • Flipper/Rehabber
  • Duluth, MN
Posted

So I'm under contract to buy a property from HUD. I did my due diligence, paying special attention to Property Taxes and Assessments because I've had bad experiences with those in the past. I have printed reports in-hand from the county website showing big zeros for special assessments. Despite my best efforts, I get a call today, 2 business days from closing, from my agent saying there are some special assessments for street repairs that were found that I would be responsible for at closing. I pushed back pretty hard saying I am ready to walk on the whole deal if HUD doesn't cover those. My agent got an email back from the listing agent basically threatening me with the loss of my earnest money if I don't cave in and pay the assessments like a good little boy. What should I do?

P.S. I also posted this in the Tax category since I wasn't sure where the best place to post this question was. Sorry about that.

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