Friday, July 29, 2011
Did you know that your home could be located in more than 1 county?
I met a potential home seller yesterday whose home is physically located in 2 counties! Very unusual. The person bought the home in the 1990's. Back then I don't believe when homes were on the market for sale that they had to disclose estimated property taxes otherwise potential buyers would have known that the seller was paying property taxes for both counties as part of the home was located in "County A" and part of the home was located in "County B".
It is unfortunate that this information didn't come up during the contract period (if seller didn't mention it). The first time the buyer found out about this issue was when she received tax bills from 2 different counties.
She owns a nice home and it is in a great area,however she would have used this information to determine the cost of owning this home upfront before finalizing her decision to buy. Would she have still bought the home? Very possibly. People just don't like expensive surprises and it has obviously left a bad taste in her mouth.
Fortunately we are in a research and information era,where people desire to and have access to most information they want/need in a decision making process. On your next home purchase,research every thing you can about the potential home and property...ask any questions and raise any concerns to the settlement company,so they can specifically explore,answer your concerns.
Whether you know somebody who is thinking about buying a home,selling a home or has real estate questions (even if they aren't in the market),have them call me. I am here to help.
Life is good!
Licensed in MD & DC