Updated over 5 years ago on . Most recent reply
Seller owes back taxes - is there any relief for buyer?
I put an offer on a short sale. 391K offer, comps are over 600k. House needs approx. 100k in upgrades. Offer was accepted, sellers bank approved. However, the seller did not disclose to the bank that he owes 27k in back taxes. After everything breaks down, approx. 9k falls on me as the buyer. This tightens my budget out of the gate, but is still a good deal. Is anyone aware of breaks or programs that someone in my position could take advantage of, when essentially paying someone else's taxes?
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In that case it really comes down to the economics of the deal. You can try asking for a discount but if there's no wiggle room you'll need to make sense of the extra cost.