Lucas and Wood Co Property Tax Reductions Due to Foreclosures

ARE YOU PAYING A HIGHER PROPERTY TAX THAN YOU NEED TO?

If you have bought a home or are considering a purchase, don't forget to have your taxes evaluated for todays market! You may be pleasanlty suprised to find out they should be lowered. Many purchasers are so busy managing their move when they close on a home that they forget to take this next step! It is easy to forget since property tax ussually becomes part of our mortgage payment. With property values decreasing at this time, it is impotant to make sure you aren't overpaying. Many of our clients have had great success getting the tax reduced on their homes.

Buyers should be careful if they are considering a foreclosure or short sale purchase. The price on the home may be affordable but if the tax is really high or way beyond your budget then it is always best to "plan for the worst and expect the best". You may be able to have the tax reduced for now but it could eventualy go back up when values return so make sure it will still be affordable if that should happen.

Once you have purchased a home, you may be able to have the taxes reduced by taking your closing statement and a recent appraisal or CMA (ask a Realtor to prepare) to the county auditors office.

Blade article on tax reductions in Lucas County

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20090315/NEWS16/903150329

Foreclosure Home Buyers-You Can and Should Have A home Inspection!

The typical REO or forelosure home can sit vacant for anywhere from 3 months to 2 years. We have many clients that don't realize they can and should have a home inspection on this type of property just like you would with any home. On most foreclosure properties the utilities are turned off and have been off for several months. When you first view this type of home-you may not be able to see some of the defects. The risk involved in buying a foreclosure home can be drastically reduced with a few simple steps. Even though these properties are sold "as is" the pruchaser has a right to a home inspection and can withdraw their agreement if the repairs needed are beyond what they had originally planned for.

1. Be sure to have an inspection period of 7-10 days written into your purchase agreement.
2. Find out if utilities will be turned on for the home inspection.
3. If there is a delay in the utilities being turned on for your inspection-be sure to ask for an extension of   the inspection period.
4. Read your foreclosure contracts carefully or have an attorney review them for you.

There are several other steps you can take to protect yourself with this type of purchase and we are always here to answer any questions you have! Foreclosure homes can be a great opportunity to save thousands and with opportunity there is always some risk. Navigated correctly and with the right guidence, these homes are well worth the effort!