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I have a client who has been pre-approved for $180,000 and is looking at two homes.
House #1 - He is considering an offer at $180,000
House #2 - He is considering an offer at $184,000
The difference in sales price is equal to only about a $20 per month difference in the monthly payment. But guess what? The actual difference in payment between these two homes is over $300 per month!
Do you know why?
One property has incredibly high Mello-Roos/Special Assessment property taxes and the other property does not … and these two properties are less than a mile apart!
This is something most agents and even many loan officers are completely oblivious to and never bother to check. They just tell the buyer, “Oh, the county property tax rate is 1.08%.”
Sure it is, but that doesn’t include the Mello-Roos. In my book, taxes I have to pay are … well, taxes-I-have-to-pay. I don’t care how they’re dressed-up or what name they’re called.
So for the misinformed and unsuspecting homebuyer: They buy the home of their dreams thinking their monthly payment is $X. Then, six months later they get hit with a supplemental tax bill for an additional $3,000!
Next, they get a letter from the mortgage company informing them that their monthly payment is going up by $250 per month in order to balance their impound account!
Not cool!
Moral of the story? I will NEVER let that happen to you or to those you refer.
Hope you have a great weekend and please call me if I can help you with anything at all.
Ken
951-760-3833
KenAHall@gmail.com
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