Expert: Hans Weber, Licensed Broker Associate - 1/4/2007

Question
Hi, I've had my home on the market for a couple months in this slow sellers market to settle my 2004 divorce.  I got an offer and I'm currently under contract but, there was an error made as well as a few questions when my attorney got back the Title.  I believe and stated that the home is a one family home to the realtor.  It appears that after the paper work and signatures later, the home is listed as a 2 family home - in fact I just discovered from the tax document that I have been paying taxes as a 2 family home and NOT as a 1 family.  The buyer likes the home but after this is revealed to him, I'm not sure what he will think and may kill the deal (I pray he does not)or maybe we can renegotiate the price. An reppraisal may have to be done - possibly at my expense if he agrees.  I'm so desperate to sell to satisfy the 2 mortgages (approx $350,000)and get what we can out of it and devide it 50/50 with my ex spouse.  The last thing I may do if this does not go fast is to sell it to home buying firms like "HomeVestors" or "FasthomeOffers.com"

Answer
Hi Rcee,

This sounds complicated. I think you are asking me if the buyer would expect the taxes to be less as a one family.

The buyer already offered a price and signed contracts based on the taxes shown on the listing sheet.  Taxes are based on value.  So the taxes on your home would be the same whether it was a 1 family or 2. This you can check out with the municipal tax assessor's office.

The buyer probably won't be upset.  

Those home buying firms won't pay as much as a real buyer.  Have your Realtor reduce your asking price and you will get more activity.

Hope it works out.

Hans