HUD issues – Livonia real estate September 2012
| Right now HUD and the State of Michigan are arguing about money owed on homestead taxes. The State of Michigan says HUD owes them money on the HUD foreclosures. Of course HUD says no. But what happened is that the State of Michigan is now slapping tax liens on the HUD foreclosures. The problem is that sometimes the house slides by, and sometimes the HUD foreclosure doesn’t get the tax lien slapped on it until the last minute. Or is it that we the real estate agent and buyer are not being notified until the last minute. So now manyHUD foreclosures have a tax lien that can’t or won’t be removed until the State of Michigan and HUD resolve their differences. So in some cases the HUD home can’t be sold. The reason why the HUD home can’t be sold is no lender will loan on a house that has a tax lien on it. No buyer really want to pay for the tax lien unless they got a real deal on the house. Then the home buyer must bring that money to pay of the tax lien to closing. Or they would need the title company to over insure the home. The buyer would then be responsible for the tax lien. From what I have been told this could take up to two years to resolve. It could be two months, but nobody knows. HUD will extend your closing indefinitely at no cost to you if you are willing to wait for them to resolve the issue. But for right now I would recommend Metro Detroit home buyers skip looking at HUD homes until the issue is resolved. Farmington Hills MI cold weather safety A simple thank you is the best thanks [wnt_grid keyid=”1″ title=”Homes for sale in Livonia MI” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” min_price=”100000″ max_price=”150000″ listing_status=”Active” county=”Wayne” city=”Livonia” /]
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