subject: Everett mortgage Buying Real Estate in Everett [print this page] Author: James A Johnson Author: James A Johnson
Dont let your lender bully you over back taxes When you buy real estate in Everett, new real estate that is, you may get an unhappy surprise a few months to a year after you have closed. You see in every Everett real estate mortgage for new construction the property taxes are not included. There is a perfectly valid reason for that. Thats because the taxes have not yet been calculated. Some lenders will put estimates in but sometimes no one actually knows what the new taxes will be. If the tax assessor has not been out to see you and you bought the first home open no one knows what the new taxes will be. If the tax assessor takes his time about getting out there this can add up to a significant amount of money. You see the assessor doesnt have to worry because no matter how long it takes you are still going to pay the taxes. I have seen it take up to a full year for the tax assessment to be levied. The back taxes can be $5000 to $8000 even more and some lenders will want that money right now. Dont let the lender bully you into thinking you have to come up with all that money right now. So when you are buying new real estate in Everett make sure that your lender calculates an estimated tax into your payment. Make sure that estimate is on the high side so you do not get blindsided. Now if your lender comes to you and claims you owe back taxes he may be right but you do have some options. Many lenders will allow you to pay the back taxes over a 5 year period. But you have to ask them. That way you dont have to an increased payment for the new tax calculation plus an additional $500 to $800 more per month. Some of my clients have said that their lender wanted them to pay the back taxes off in a year. Dont let your lender bully you into thinking there are no options. There are always options when you buy real estate in Everett. Everett-mortgage-on-lineAbout the Author:
Jim Johnson E.A. retired; (Enrolled Agent, licensed to practice law in tax court) BS University of Wisconsin, Milwaukee, Mortgage loan originator 1993: Century 21 Real Estate agent since 1995, Viet Nam vet.
