Basically seller put the house on the market claiming mortgage and homestead exemptions are applied on the property in May of 06'. The MLS sheet reflects both mortgages applied on this property. Seller moves in June 06' and pulls the homestead exemption off to apply to new house. After my closing costs my mortgage is 791.00, 5 months later it jumps up to 981.00 due to unforseen tax increase the bank paid and applied the new amount to fix for the shortage in escrow until my homestead mortage kicks in. So Im stuck with 1000.00 dollar house payment basically until my homestead mortgage kicks in... Did the realtor not tell me something as the MLS sheet I read in October said both of these exemptions were applied? Is this a violation by the board of realtors?
2007-06-08 09:20:08 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I think unfortunately the MLS info has a disclaimer that it is not guaranteed :(
How long until the homestead real estate tax rate will apply to you? If it is over a year, you might consult with a lawyer about suing. However any shorter and legal fees would outweigh any potential gain.
2007-06-08 09:28:44 · answer #1 · answered by VATreasures 6 · 0⤊ 0⤋
Homestead exemption is based on age. Are you old enough to get the homestead exemption? If you think you are then contact your county courthouse and ask about it. If not, then you are stuck with the higher taxes. I don't understand why the MLS said homestead exemption in the listing. Did you assume the seller's mortgage or did you get one on your own? Your mortgage payment will be readjusted once a year. It will either go up or down depending on taxes and insurance. I don't know if the Realtor did anything wrong or not. You can contact your local Board of Realtors or go to the National Board of Realtors website and ask.
2007-06-08 09:29:15 · answer #2 · answered by angela 6 · 0⤊ 0⤋
If the MLS/real estate data sheet did not indicate that the homestead exemption would transfer to you, there is neither deceit nor misrepresentation involved.
Real estate data sheets are an indication of what exists at the moment the house is offered for sale. It remains the buyer's responsibility to check that all items listed on the data sheet transfer with the house.
As an example, I had a property listed for a given price including all appliances. Another agent wrote an offer on the property (lower than the asking price) and did not list the appliances as an inclusion in the offer to purchase. The sellers accepted the offer and took the appliances with them when they moved (legitimately and properly). The buyers were miffed, but their offer did not include the appliances. Did your written offer include any proviso that this homestead exemption would transfer to you along with the property ? If not, you are a victim of whatever you signed in the offer.
2007-06-08 09:51:40 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
What has been happening in many cases esp here in PA is that they reassess your house based on the selling price thus raising the taxes on it. You can have two identical houses one in the family for years the other just purchased. The one in the family for years is set at the purchase price they had years ago and taxed accordingly, your house recently purchased for thousands more than the other house is now appraised at the new selling price, and taxed accordingly. Fair? No but it is the newest way for the local and especially the school boards to extract more money from the home owners
2007-06-08 09:56:34 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋