BrandonBogle wrote: ↑Wed Nov 17, 2021 11:53 pm
jbrown394 wrote: ↑Wed Nov 17, 2021 11:12 pm
Hi Gurus,
I am in the middle of a refinance with better (on a CA property). In addition to having to pay the real estate taxes for this year (Due Dec 10, 2021), I am being asked to also pay the installment for next year (Due Apr 11, 2022).
1. Are others in the same shoes ?
2. Is it not too far to be considered for this refinance (which is supposed to be closed by first week of December) ?
3. Is there anything that can be done to skip this requirement ?
Thanks a lot in advance
Are you really being asked to pay it, or do you simply see it on the loan estimate and you haven’t gotten your closing disclosures yet? If you are basing this on a LE, it likely will drop by the time your disclosures are prepared.
If this is on your disclosures, what section is it in? Section F is managed by the closing/title agent, while Section G is handled by Better. Is the amount in Section G and is actually just a few months of initial funding vs. the actual April payment?
Assuming they are both in Section F of your closing disclosures and you are closing on December 10th, then yes, you should be able to simply call out that they have the semi-annual payment being collected even though it is due more than 60 days past closing; that should get them to remove it.
Thanks a lot for the quick reply, I got the following in the tasks section. Now, in our county, there are two installments for real estate tax, the first one is on Nov 1, 2021 and should be paid by Dec 10, 2021 (they have asked and I have already paid the first installment), the second installment is on Feb 1, 2022 and should be paid by Apr 11, 2022.
I locked the rate on Nov 8 (30-day lock), and as of now except the following new task there is nothing else pending from my side, so I suppose everything is moving well and I should be able to close in two weeks (I was told their average closing time is 3 weeks).
I did not get what you meant by disclosures, I have asked not to have an impound account and pay everything myself. In the loan estimate, section F (prepaids) shows property taxes (12 months), but section G, initial escrow shows 0.
After taking a look at your title report and tax certification, it seems like you owe $x in County Property Taxes to TAX COLLECTOR by 2/1/2022.
You have two options for paying this off. You can pay these taxes as part of your closing costs, in which case we don’t need any documents from you today. Otherwise, you can pay them off before closing. If you want to do this or if you’ve made a payment in the last day or so, we’ll need some documents to make sure the balance has been paid off.
You can provide:
receipt from TAX COLLECTOR showing payment
escrow disbursement notice from your current lender showing the money has been taken out of escrow to pay these taxes
picture of a cancelled check payable to TAX COLLECTOR
If you’re paying these taxes off in installments, we may need to add the installment payment to your closing costs. After all the installments are made, we’ll get confirmation from the title company and you’ll get reimbursed for any additional closing costs.