sell your house with a Tax Lien to We Buy Houses St Louis Company?
Yes, it’s possible to sell your house to iBuySTL . We Buy Houses St Louis no matter what the reason for sale is. Distressed sellers looking to sell their homes might face some complications with a Tax Lien, but a sale is possible.
Dealing with some financial problems is hard, but when it becomes serious as having a Lien against your home, it’s pretty serious. However, most times homeowners forget that their homes are valuable, and they could easily sell their house to pay off a tax lien.
What does Tax Lien on home mean?
Tax Lien refers to a debt claim against a homeowner’s assets like a home. When a Tax Lien is placed on your house, you are unable to sell your house or pocket any gain from the sale until the debt is paid.
Types of Tax Lien
There are three major categories of tax liens, they are :
Property Tax liens
This is a type of tax Lien which is placed on your property when you don’t pay property taxes due in your location.
State tax Lien
The state tax Lien is placed on the home for back taxes which you owe the state department of Revenue.
Federal Tax liens
These are tax liens placed on your house because you owe some income taxes to the IRS. In this case, you will be dealing with the government directly before you can resolve the tax Lien.
How can you sell your house with a Tax Lien to an iBuySTL ?
When considering selling a house with a Tax Lien, it doesn’t mean that the home buying firm will inherit the debt, you will need to pay the debt before the sale can be completed.
Here are some options when trying to sell a house with a Tax Lien:
Dispute the tax Lien with the IRS
If you are finding it hard-selling your house with a Tax Lien to an iBuySTL , you will need to dispute it with the concerned authorities. However, it isn’t going to be an easy feat. The IRS is a tough nut to crack and comes with lots of problems.
Most times they won’t even answer a query unless you come with a professional tax advisor. They don’t talk with realtors or estate agents, however, if you have a good case, iBuySTL can talk to them for you.
You will need to provide proof that the taxes have been paid or there is an error when calculating the tax.
Ask the IRS for a certificate of discharge
Another option to consider is to request a discharge from the authorities. All federal tax liens must be paid, however, in some cases, you could be granted a partial release for the property.
This discharge certificate separates the Lien from your house and makes it easier for you to sell your house to iBuySTL . However, note that you aren’t absolved from tax debt. You will pay those taxes to the IRS or your other taxes can be seized.
Complete your delinquent tax
If the taxes are owed to the state or city, you must pay the delinquent debt before you can sell the house as-is to reliable home buying firms. Distressed sellers who aren’t financially capable to pay it off, should consider other financing solutions.
You could try paying off your tax Lien using A HELOC (home equity line of credit) before the house can be sold. You can arrange with the iBuySTL firm to help with cash to pay off the Lien.
Pay off Lien taxes at closing
Distressed sellers can pay off their tax Lien before the closing of the sale. But they are responsible for getting a Tax Lien from the IRS. This can take time and affects sale closings, the popular choice is to pay the tax lien from the proceeds of the sale.
iBuySTL can liaise with the IRS for you to ensure that sales go on smoothly.
Tax liens are debts imposed on properties like homes. While tax liens might slow the closing of homes sales, it won’t stop you from selling your house. Using a reliable home buyer like iBuySTL can hasten the sales of your house with a Tax Lien.