: May 2011

Taxes Can Alter Your Loan Pre-Approval...Been There!

You've got your mortgage pre approval and you've decided on a home.  You don't plan on buying a new car or doing anything drastic to alter your credit rating.  Clear sailing right?

Before you sign on the dotted line, find out from your mortgage professional what property taxes he's (or she's) figured in for your home loan.  In today's housing market, we're seeing almost all homes for sale priced under a town's assessed value.  And Jersey Shore short sales and bank owned homes are priced well below assessed value.

shock (sxc ramzi hashisho)

That could mean you've fallen in love with a short sale home priced at $250,000 or below, yet taxes reflect an assessed value of more than $475,000.  Taxes on a Little Egg Harbor home assessed at $250,000 will run about $4200 annually.  But short sale homes, priced at $250,000 and assessed for more than $475,000 means an actual annual tax bill of more than $8,000.

That's a big chunk of change, and it could make a difference in your mortgage company's determination.   

As a buyer's agent I usually check with my buyer's mortgage company to see what taxes were used to formulate their pre-approval.  

As a seller's agent, I learned the hard way.  I will now check with the buyer's mortgage company to make sure the mortgage pre-approval covers the current taxes on the home the buyer's have chosen.

If you have questions about Little Egg Harbor taxes and tax assessments, call Little Egg Harbor REALTOR® Laura Giannotta at 609.384.6121. 

 
 
 
  

     
Comment balloon 9 commentsLaura Giannotta • May 19 2011 03:40PM
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