Real estate values have increased significantly during the past few years, and you might be considering capitalizing on the value of your investment. If you are getting ready to sell your home, you need to sell it for as much money as possible, as quickly as possible. Then, all of a sudden, you might look at your property only to realize that there is a tax lien on it. Does this mean that you cannot sell your house until the tax lien is paid off? That is not necessarily the case. It is possible for you to sell a house with a tax lien on it, but it might be a bit more complicated. You need a professional who can help you.
Learn more about the process below, and work with the team from We Buy Houses Chattanooga.
What Is a Tax Lien on a House?
If you have a tax lien on your house, it means that you have property taxes that have not been paid. You may not even realize that there are real estate taxes you owe, particularly if you own the house outright. If you are unable to pay your property taxes, it does not necessarily mean that the bank or the government is going to come and take your house immediately. At the same time, it means that a portion of the equity in your house must go to the back taxes when you sell it. In addition to paying off the tax lien, there might be a few penalties you need to pay as well. Fortunately, you probably have a significant amount of equity in your home, and you can use it to pay off the tax lien.
Can You Sell Your House With a Tax Lien?
Yes, it is possible for you to sell your house with a tax lien. There are a few extra steps involved in the process. When you sell your house, the attorney is typically responsible for collecting all of the money involved in the transaction. Then, the attorney will disperse the money to all of the parties involved. If you own the house, and you decide to sell it, the attorney will give you the remainder of the money once everything else has been paid off. In this case, some of that money will be used to pay off the tax lien. If you still have a mortgage on the house, some of the money will also be used to pay off the remainder of your mortgage. Once everyone else has been paid, you will get the money that is left over.
Does a Tax Lien Make It Harder to Sell a House?
It is possible that your house might be a bit more difficult to sell if there is a tax lien on it. A lot of traditional buyers get concerned when they realize that a house has a tax lien on it. They believe that if someone doesn’t have money to pay their real estate taxes, they may not have enough money to take care of the home. As a result, they might be nervous about what they might find in the house after they purchase it.
Of course, your house might have a tax lien on it, and it is still perfectly fine. If you are looking for someone who can come and buy your house as quickly as possible, you should consider taking a cash offer. With a cash offer, you don’t have to pay as many closing expenses, and you can get to the closing table more quickly. If you want a cash offer on your house today, we can help you.
Contact We Buy Houses Chattanooga to Sell Your House Fast
Having a tax lien on your house can be frustrating, but we are still willing to make an offer for your house. No matter what condition your house is in, we are willing to come and buy it from you! We will even give you a cash offer, allowing you to close as quickly as possible!
If you want to sell your house fast, work with We Buy Houses Chattanooga. Contact us today to get an offer on your house!