Comments on: I’m pre-approved for “X” dollars for my new Irvine home. Do I want to go that high? http://www.irvinerealestatelink.com/im-preapproved-dollars-irvine-home-high/ Irvine, Orange County Real Estate Market News Mon, 21 Nov 2011 18:05:29 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: robertmack http://www.irvinerealestatelink.com/im-preapproved-dollars-irvine-home-high/comment-page-1/#comment-8 robertmack Mon, 31 Aug 2009 22:02:20 +0000 http://www.irvinerealestatelink.com/?p=286#comment-8 Hi Herand, That is a great question! Many of the homes purchased as a short sale or a foreclosure (and even some standard re-sale homes) will have a higher assessed value than the final purchase price when you purchase your home. Through escrow, the tax amount that you/seller will pay will be based on the current home sellers assessed value, and similar to the supplementary taxes from the previous years, since your new assessed value will be lower, you will receive a credit based on the difference of the new and old assessed values! My advice would be to check with your CPA to verify this, however I have spoken to several escrow companies who confirm this to be true! Robert Hi Herand,

That is a great question! Many of the homes purchased as a short sale or a foreclosure (and even some standard re-sale homes) will have a higher assessed value than the final purchase price when you purchase your home. Through escrow, the tax amount that you/seller will pay will be based on the current home sellers assessed value, and similar to the supplementary taxes from the previous years, since your new assessed value will be lower, you will receive a credit based on the difference of the new and old assessed values! My advice would be to check with your CPA to verify this, however I have spoken to several escrow companies who confirm this to be true!

Robert

]]> By: Herand http://www.irvinerealestatelink.com/im-preapproved-dollars-irvine-home-high/comment-page-1/#comment-7 Herand Sat, 29 Aug 2009 21:59:04 +0000 http://www.irvinerealestatelink.com/?p=286#comment-7 Hi; I am interested in an investment property. I had my agent send me some listings in and around Irvine and Tustin areas along with some figures such as price, HOA dues, possible property tax dollar amounts—because I hate surprises—and so on and so forth. Here is my big question: The owner had bought the property at $X dollars, and now it is and REO and the bank is selling it at $X-$150000 dollars. AM I TO UNDERSTAND THAT I WILL NOT ONLY NOT PAY SUPPLEMENTARY TAXES, BUT ALSO MAY RECEIVE MONEY BACK FROM THE COUNTY (sort of negative supplementary tax)? Because the property is now selling at a reduced price. Or am I dreaming. Your input will be greatly appreciated. H. Hi;
I am interested in an investment property. I had my agent send me some listings in and around Irvine and Tustin areas along with some figures such as price, HOA dues, possible property tax dollar amounts—because I hate surprises—and so on and so forth. Here is my big question:
The owner had bought the property at $X dollars, and now it is and REO and the bank is selling it at $X-$150000 dollars. AM I TO UNDERSTAND THAT I WILL NOT ONLY NOT PAY SUPPLEMENTARY TAXES, BUT ALSO MAY RECEIVE MONEY BACK FROM THE COUNTY (sort of negative supplementary tax)? Because the property is now selling at a reduced price. Or am I dreaming. Your input will be greatly appreciated.

H.

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