AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question Is there possibly back property taxes owed on homes that banks own now. If so, would the new purchaser be responsible for these?
Answer This is a good question. I wish I had an answer. Since I am only licensed to sell Real Estate in Wisconsin I can only comment on the laws for this state.
All Real Estate taxes are paid at the time of the title transfer. If the lender forecloses on a property the title is transferred from the owner of the property to the lender. The taxes are paid before the transfer. No matter who owns the property the title must be cleared before it is transferred to the new owner. All liens and taxes must be paid.
The new owner receives a clean title free of back taxes and liens. The taxes are paid by the seller up to the day of the sale. The new owner is responsible for the taxes from that time forward.
I can not say for sure, but I would suspect this is true in all 50 states. If you are looking for a property you can ask a local Real Estate Agent if this is true in your area.
