Who has to pay for the back taxes owed on a property ?? Is it the bank or me as the investor ???
The bank…basically, the owner of the property must be able to convey good clear title to a buyer. they can’t do that until all liens have been cleared and that includes back taxes…Hope that helps…
Ken youre correct… However some investors may want to take title subject to the existing liens other then that of the lender… Doing so allows for less money to close… So although the lender is in agreement to pay them what they are actually agreeing to is a net amount which is why they always ask for a HUD1 with all offers…
may also depend on the time of year…I just closed on a home last month (10-04) and received the money for taxes, which meant that I’m now responsible for the taxes, but did give me some extra needed cash for the rehab of this flip…