Who is liable for paying unpaid property taxes when I buy a foreclosed home from the bank?
November 10th, 2009 by Jarad S.Question: Who is liable for paying unpaid property taxes when I buy a foreclosed home from the bank?
Answer: -Typically property taxes are senior to any lien on the home including the mortgage…meaning they have priority over everything. So if you are buying a property at the auction, it’s important to research the property and get a title report so you know if there are any unpaid property taxes because you or the winning bidder will be responsible to pay those off. Now if you buy or purchase a property that is REO or in other words “bank owned” then they will pay any of those unpaid property taxes so they can sell the property with a clear title. Hope that helps.
