I’m Facing a Tax Lien in Pensacola. What Are My Options?

Tax liens can be stressful. They are hard on your credit, and they can prevent you from selling your property because of the amount of the lien. If you’re facing a tax lien, you may want to list your property for sale and try to get it sold quickly. Then you can use the proceeds from the sale to pay your taxes, and also to find another place to live. Work with the IRS or other taxing authority that wants to place a lien on your property, in order to keep them “in the loop” when it comes to what you’re trying to do.

Then, add your Pensacola, FL home to the properties for sale in your area. Don’t go through a real estate agent, though. Homes for sale by owner are often a better choice. If you sell it yourself, you won’t have to pay a commission to an agent. That can save you thousands of dollars, and really help you spend as little as possible to sell your home. There are also investors and companies that buy homes for cash. Working with one of them can mean a quick closing that can help you avoid the tax lien.
Closing a real estate transaction often takes 30 to 45 days, but when cash is paid, it can take just a week or two. The extra time built into most loans is for the buyer to get a mortgage, so all that time isn’t needed when the deal is cash. That’s great news for anyone who has property to sell and who is facing a tax lien, since there may not be any time to waste in attempting to get the property sold before a lien can be placed. Sellers in this predicament are not trying to avoid paying the money they owe. They are just trying to avoid having a lien placed on their property.

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Once there is a tax lien on a piece of property, many buyers will shy away from it. They are concerned about getting the lien cleared correctly, and so they will often move on to look at something else. Liens can mean title problems, or delays in being able to purchase the property and close the deal. Rather than take the risk that you won’t be able to sell with the tax lien in place, it’s better to sell the property before the lien can be attached. Then you can pay the taxes you owe, without involving the property in any way.

It’s a much less stressful way to handle the situation, and one of the best options for your Pensacola, FL home and its tax situation. Whether you owe the taxes on the home itself, the lien is for income tax, or it’s based on city, state, or other types of tax, liens are best avoided. When you work with a company or an investor to buy your house for cash, you can get the peace of mind you need to get through a stressful financial time. Don’t let the fear of a tax lien steal your peace and emotional health.

Let a company that buys houses make you a cash offer on your property. You won’t have to worry about the buyer getting a mortgage, or the length of time it may take to get the deal closed. All you’ll need to do is pack and move, and then pay your outstanding taxes from the proceeds of the sale. There won’t be any lien to worry about, helping to really lower your stress level.

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Foreclosure in Pensacola. What Will it do to My Credit?

If you have a home in the Pensacola, FL area and you’re having trouble making the payments, you’ll want to find a way to change your situation. Getting a buyer for the home and getting out from under the mortgage can be a great way to do that. Then you can move to a place that costs a bit less, and get back on your feet. If you don’t make changes you could be facing foreclosure, and that’s devastating to your credit.

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Foreclosures are harder on credit than short sales, and they will remain on your report for up to 10 years. That can make it extremely difficult to buy another home, especially within the first four or five years after the foreclosure takes place. Most lenders won’t want to work with you, because they will see you as too much of a risk. That’s not a good thing, naturally, as you’ll have to rent – and you may even have trouble doing that due to your low credit score. Having bad credit can even get you turned down for a job.

To avoid the foreclosure hassle and the credit nightmare that often comes along with it, you’ll want to consider listing your property for sale. You don’t have to become part of the jumble of MLS real estate out there, though. You can join the ranks of homes for sale by owner, and look for an investor or company that buys properties for sale. You can ask them to value your house, and they will give you information on what the home is worth and what they would be willing to pay for it. Taking a cash deal can mean closing quickly, and that can help you avoid a foreclosure.

You’ll also save money that way, because you won’t need to pay a Pensacola, FL real estate agent commission on the sale. You’ll also generally save in closing costs, and you’ll be able to move from your home and get something less expensive fast. Letting a company buy your home that way can allow you to close the deal in days, not weeks, so you won’t have to spend more sleepless nights worrying about foreclosure or how you’re going to pay your bills. You can let go of all that stress, and also save your credit from any more damage.

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Having late payments on your home will bring your credit score down, but once you’ve sold the home your credit score will begin to come back up. Just make sure you pay all your bills on time going forward, and you’ll see the score rise until it’s back into a good range. A foreclosure, though, won’t allow your score to come back up as quickly. You’ll be stuck with a low credit score for years, and that can make life a lot harder than it would be otherwise. Fortunately, you can avoid that credit damage by selling the home instead of letting your lender foreclose on it.

Having property for sale can be stressful, especially when you need it to sell quickly. Facing foreclosure is emotionally draining and financially devastating, but there is always hope. By working with an investor or company that buys homes for cash, you may be able to get out from under your home and its mortgage, so you can keep a foreclosure off of your record. That means your credit won’t suffer the kind of hit you were worried about, and you can move on to rent or even purchase a home that fits into your budget more comfortably.

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