Showing results for 
Search instead for 
Did you mean: 

Homestead Exemption


Homestead Exemption

While shopping short sales I've noticed some properties do not have Homestead Exemption while others do - Is there a good explanation for this?

Message 1 of 3
Senior Contributor

Re: Homestead Exemption

Owner never applied or wasn't eligible for it?


ETA: Some states require you to apply for the homestead exemption.  It is not automatic.  And I think you always have to have it be your primary residence.  So if the owner wasn't using the house as their primary residence, it wouldn't have the homestead exemption attached.  If you buy the place and use it as your primary residence, you'd be able to apply for the exemption.  Assuming it doesn't have it already, perhaps that affects your property taxes until you are able to apply for it?  I don't know how that aspect works.

Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720

Take the FICO Fitness Challenge
Message 2 of 3

Re: Homestead Exemption

Makes perfect sense, this was probably a rental property where the owner may have lived in a different state and rented it out.



Message 3 of 3