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Can I Sell My House With a Tax Lien?
If you have ever sold a home, you probably remember how challenging this experience can be. Selling your home can be even more complicated if your home has a tax lien. But selling is not impossible. A property with a lien on it can be sold, and We Buy Waco Houses is going to explain what needs to happen.
What is a Tax Lien?
First of all, it is important to understand what a tax lien is. It is a claim made by the government on a property if a homeowner does not pay taxes. Identifying information about homes with tax liens can be easily found in the public record, and for most potential buyers, a lien is a red flag. Some tax liens are only in place for a short time, but others cannot be cleared even after a foreclosure.
Paying a Tax Lien at Closing
If you want to resolve a lien issue fast, the best and most efficient way to do this is to pay the debt. If you do not have enough money to pay it right away, your real estate agent can help you cover it through the closing costs. However, you should be aware of the main disadvantage of this method — it often causes delays in the closing process.
Disputing a Tax Lien
If you have never had a debt with the Internal Revenue Service (IRS) but a lien is on the home, you can try to dispute it. However, dealing with the IRS is often a complicated and stressful experience because they are persistent if they think you owe them money. Communication with the IRS is complicated because the IRS corresponds only via phone, mail, or in person.
Talking to Experts
There are professionals who have knowledge and experience in negotiation with creditors that put liens on properties. A professional can explain to you how to negotiate the deal and what exactly you need to say to the IRS. The mission of the expert is to help you get out of a financial crisis and help you set up a reasonable, long-term payment plan. In addition, these professionals can also convince the IRS to wait for the payment until you sell the house.
Selling Your Home to a Home Investor
If you need to sell a home with a tax lien, you should understand that doing this the traditional way is challenging because most real estate agents do not want to deal with properties with tax liens on them. Therefore, the best and sometimes the only option for you is selling your home to a cash buyer. Cash buyers buy all types of properties, even damaged ones, and pay cash. Tax liens are not a problem for them, and they will purchase a home with one anyway.
We Buy Waco Houses is a real estate investment company that buys homes in Waco, TX, and other surrounding towns. Selling your property to our company is a great way to pay off the tax lien and receive cash that you can spend on the downpayment for your new home. Moreover, you do not have to spend money on renovations and repairs that can be quite expensive and put a strain on your budget. If you have any questions or want to know more about selling a home to us, you can visit our website or give us a call at 254-272-3743.
