Can I Sell My House Fast If I Owe Back Taxes?

If the IRS or another entity has placed a tax lien on your property, you will have to pay it. These liens usually cover the value of your home and your other assets. So, how do you sell a house with a tax lien on it? We’ll explore some of your options, but first, let’s start with some basic concepts.

What Is a Lien?

A lien is a creditor’s legal claim against a property. Liens restrict what an asset’s owner may do with it since creditors are granted an interest in the property for the amount owed. 

Liens provide creditors with legal rights, particularly when a debtor hasn’t paid or refuses to pay. In these circumstances, the creditor may have the option to sell the property.

What To Do To Sell My House Fast?

To begin, you’ll need to compare the amount of taxes you owe to the value of your home. This will determine whether or not selling the house will cover all of the taxes. 

If the value of your home exceeds the amount owed in taxes, the sale of your home or property will most likely be permitted. However, if you owe back taxes, you may be on a deadline to avoid more penalties. 

#1 Get In Touch With The Creditors, Analyze The Liens & Negotiate

Get in touch with the agency that placed the lien on your home and determines the amount you owe. Determine the types of liens that have been filed against your house. While some liens cannot be negotiated, many others can be settled for less.

Once you know how much is owed, you need to see if you can work out a payment plan or negotiate a lump sum payment. If you cannot pay the debt in full or agree with the agency, you can still sell your home.

#2 Find A Buyer

It would help if you tried to find a buyer willing to pay the back taxes as part of their offer on your home. The average time to sell in the traditional real estate market is around 2 months.

If you need to sell your home quickly, you may not have the 2-month window to prevent further IRS action. In this case, the best thing you can do is sell your house ¨as-is¨ to a cash buyer. We know from experience since House Buyers OKC has helped hundreds of OKC homeowners in this situation. We buy houses for cash and close in as little as 10 days.

Remember To Work With Experts 

An expert may make a significant difference in the outcome. When dealing with liens, an expert investor or title business can advise you on what to say to creditors. It’s challenging to say the right things when you’ve never had these kinds of talks before. Make sure you’re working with the right person.

We Buy Houses In Oklahoma City

At House Buyers OKC, we frequently get asked what homeowners can do when they want to sell their house, but they owe back taxes on the property. While this may seem like a difficult situation, we can help you.

We buy houses fast, no matter your situation. We can work with you to find a solution that meets your needs and enables you to get the most money for your home. Give us a call today to learn more about how we can help you.