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Will banks pay for assessments on a REO property?
Where to find assessments?
When banks take back properties in the foreclosure process, there is all sorts of unpaid bills on them. One thing that a potential buyer might not be aware of upfront are assessments that are levied on the property. First things first, where can you find information on this? You can always find this information out by contacting the county office to check into assessments on the property, some county websites are also providing information on this now as well.
Will they or won’t they?
In a regular purchase agreement, sellers can agree to take care of any assessments or pending assessments until the house closes. Banks on the other hands have contracts that to take precedent to a regular purchase agreement. This is where you can find out if they will or not.
Make sure this part of the contract is not taken lightly, it can cost you thousands if you are unaware of assessments. If they do not pay any assessments, make sure that it is negotiated into the contract that they will pay for assessments. Most banks won’t let a sale slide because of something this silly that cannot be taken care of on there behalf.
Be confident in asking for assessments to be paid, banks don’t hold any emotional ties to the property. It’s an added cost that shouldn’t be taken on by the buyer. Just ask and you probably will receive.
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