Dealing with any type of tax can be stressful for the average person. When you owe back taxes, you may be even more concerned than usual about your financial future. Luckily, there’s some good news. Owing back taxes doesn’t mean that you can’t sell your home and pay off your debt with the money. Whether you have a lien on your property from a local municipality or you have an IRS lien on the property, you have options.
One of the best options is to sell your home to a cash house buyer. Let’s take a look at how this process works and how it can allow you to escape the burden of back taxes.
Know the Amount of Back Taxes You Owe
The first step to selling to a house buyer and getting cash for your home is to understand what your situation means. When you have a tax lien on your property, it is going to have to be paid. You can’t ignore the issue and hope that it will go away. The IRS, or whichever organization has the lien against your property, is going to demand payment.
The only way to get them off of your back and fix your situation is to face it head-on. Look at the amount of back taxes you owe and the value of your property. By comparing these two numbers, you can determine whether you’re going to be able to pay off the taxes in full if you sell your house. If your home is worth more than what you owe in back taxes and selling it will pay off the taxes in full, the organization that placed the lien will likely allow for the sale of your property.
Sell Your House Quickly
People who owe back taxes are often on a time crunch to pay them off in order to avoid further negative consequences. This means that you will probably have to sell your home quickly in order to pay your back taxes in time.
On average, it takes about 65 days for a house to sell in the traditional real estate market. However, you can expedite this process by selling your property to house buyers who use cash for the purchase. By selling to these home investors, you can usually receive the as-is cash value of your property in under a month or even faster. It can happen this quickly because the buyer doesn’t need to go through the long process of getting approval for a loan from a bank or lender.
As soon as you have the cash value of your property, you’ll be able to use it to pay off the IRS or whichever organization you owe back taxes to. You will need to complete a bit of paperwork and fill out a release-of-lien form. The lien holder will also need to sign off on the lien to prove that you have paid the debt. This process will help clear the debt obligations you have towards the lien or even completely erase the debt in some cases.
Let a Cash House Buyer Help You Today
Anyone who falls behind on their taxes faces a lot of financial and mental stress. And yet, this happens to millions of people every day. House buying companies are often the perfect solution for people facing problems that result from owing back taxes.
By working with a reputable house buying company, you can sell your home quickly and easily. Even better, you’ll still be able to get the fair market value price for your home without having to invest in costly improvements and renovations. The traditional home-buying process often sees a back-and-forth negotiation between realtors. As a result, those selling their homes may receive less money than they originally asked for. This type of deal also requires that you pay the realtors a cut of the sale, so you lose even more that way.
Get the money that you deserve for your property in a timely manner by selling to Problem Property Pals. As the house buyers Philadephia homeowners trust, we’re dedicated to helping you get the best price for your home and paying off your back taxes. We’ll help you skip the drawn-out home selling process and get right to the sale. To learn more, contact our experienced team today.
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