Posts Tagged ‘house,’
Owner Finance Home
September 18th, 2010
Question: If I Owner Finance a home to someone and they do not pay the prop taxes what will happen? Will my land be sold
I have financed a home for a couple (in Florida) and the arrangement was they were responsible for the taxes on that land every year. This year they decided not to pay the taxes, and have put the house up for sale, I was told it was being put on sale for a property tax sale also, how do I get what I have financed for them? Will the house be sold for the $900 in taxes alone or can I put a lean on the property for the amount I have financed for them? I just want to make sure I get the money that I am owed for financing the land for them, and I am not stuck with a house loan and no house to sell or rent out?
Answer: This is sort of confusing, owner financing does not include a bank. You should have put a lien on the house as soon as you sold it, it is done on closing day.
I can not fathum a bank loaning you money on a home you do not own, you might want to call them and find out if they already placed a lien.
Do not worry about the tax sale, it is not a sale of the property, only the tax debt.
San Antonio Owner Finance Home - - 7287 Flaming Forest Street San Antonio TX 78250
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