Don’t Let Your House Go into Tax Default
Taxes are on everyone’s minds this time of year. However, personal income taxes are very different than property taxes collected by your county and/or state. These are due at different times of the year, they may be paid in installments, or they could be rolled into your monthly mortgage payments as part of an escrow account.
Behind on Property Tax Payments?
The only concern happens when you start to get behind on your property tax payments. This can ultimately lead to fines and violations. If the situation gets really bad, your property could go into tax default. Your house could be auctioned off by the county or tax liens could be put on your property or income. None of these are good things.
If you are struggling to make property tax payments and are worried about defaulting, you have some decisions to make. You will want to research your tax liabilities and payment options to see if there is a way to catch up. If not, your best bet may be to sell your property before it goes into default. This may allow you to pay off your debts and avoid harsh financial penalties—one of which could be losing your home entirely.
Why it Might Make Sense to Sell Your House
Selling your house to a real estate investor could be a smart decision when a tax default is looming. Many are willing and able to pay cash for your property. There are many benefits to a cash sale, including a much quicker and simpler transaction that can get you out from under a bad financial situation.
Some investors may also work with you on a creative financing solution. They may be able to pay off your existing tax debts as part of a selling or leasing contract. There are many different ways you can sell or lease your property to an investor. You will want to listen to all options and talk with different investors before making a decision. Figure out which solution will be right for you and your family before committing to a contract. You might be in financial distress, but the worst thing you can do is make a hasty decision that makes things even more complicated.
Understand Your Home Selling Options
Be sure and talk with reputable real estate investors and investment companies like PropertyLark. We represent many different investors looking to buy houses in as-is condition, which means you also won’t have to worry about making repairs. In addition, you won’t have to hire a real estate agent and pay those expensive commissions either. We help our sellers explore all their selling and financing options, and then we connect you with an investor who can provide the ideal solution. In the end, both the buyer and seller benefit from a deal that works best for everyone involved.
A tax default is a sticky situation, but it is not the end of the world. Before you lose your house or get a lien on your assets, you will want to consider selling your property while you can. Contact PropertyLark today to understand all your different options and to make the right decision for your financial future. Fill out the contact form on any page of our website to get started!