Will I Still Have To Pay Property Taxes If I Do A Chicago Short Sale?

Posted on February 9th, 2011 in All Articles, Short Selling/Buying.

<a href=”http://www.gainesvilleshortsaleblog.com/wp-content/uploads/2011/02/property-taxes.jpg”><img title=”property-taxes” src=”http://www.gainesvilleshortsaleblog.com/wp-content/uploads/2011/02/property-taxes-300×160.jpg” alt=”” width=”300″ height=”160″ /></a>Chicago IL – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul’s Question.

<strong>”I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max.” </strong>

<a href=”http://stopchicagoforeclosure.info/Short_Sale.html”>Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.</a>

<strong>Here is the answer to Paul’s Question</strong>: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property.

That means that if a property is foreclosed upon, then they still have to be paid. They don’t go away for any reason.

This is also why most lenders want to charge you monthly and then pay the property taxes themselves. They know that the taxes are a big bill that only comes once a year.

Not everyone can afford that big bill. Because your lender knows they will still have to pay the taxes after a foreclosure, they are willing to pay them during a short sale.

A foreclosure is a liquidation of the property to simply get what they can and move on. A short sale has been proven to net them more money than a foreclosure.

So if they are liquidating the property, why net more money from the sale with a short sale and avoid a foreclosure? That’s why they will pay the taxes when you short sale.

Every short sale the Stop Foreclosure Institute has sold resulted in the lender paying the property taxes that were owed. In some cases they paid 2-3 years of property taxes. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at <a href=”mailto:myrealtorphil@gmail.com”>myrealtorphil@gmail.com</a>. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725

Discover how other sellers successfully completed a short sale and request a free consultation by <a href=”http://stopchicagoforeclosure.info/Short_Sale.html”>clicking here</a>.

Chicago Short Sale Super Man www.ShortSaleSuperMan.com  You resource for Chicago short sale information.

Thinking about a loan modification? Our Chicago loan modification kit has the instructions you will need to get a loan modification approved with your bank. <a href=”http://stopchicagoforeclosure.info/Loan_Modification_Secrets.html”>Click here to request a copy.</a>

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc.. Chicago Short Sales Realtor:

Phone: (312) 953-6725. <a href=”mailto:myrealtorphil@gmail.com”> myrealtorphil@gmail.com</a>.

View My homes for sale at <a href=”http://www.betterlivingrealty.com”>www.BetterLivingRealty.com</a>.

Phil Buoscio, is a broker with Better Living Realty he leads the     sales team “Phil Buoscio Team” and specializes in short sales in Chicago     Illinois. Chicago Loan Modification Help can be referred to you. We     don’t do loan modifications ourselves but we work with those who do.

We know Chicago Short Sales. I am a Chicago Short Sale Realtor.     Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.     We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park.   West   Town. Ukranian Village. Lincoln Park. Near North. River North.   East   Village. Logan Square. Uptown. Edison Park. Portage Park.   Hermosa.   Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park.   Kenwood.   Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange.   LaGrange Park.   Riverside. We sell condos, single family homes, lots,   land, multi   units, two flats, three flats, etc.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phil Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc..

This information on Will I Still Have To Pay Property Taxes If I Do A Chicago Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.