You might have missed paying property taxes for your home a few years ago or maybe you haven’t paid your federal income taxes in the past few years. If so, then your city our county government (in the case of property taxes) or even the IRS (in the case of unpaid federal income tax) can file a tax lien against your home.
If you’re thinking of selling but owe taxes for your home in Kanawha County, then this article is for you. Let’s discuss what having a tax lien against your home means and what you can do so that you can still sell your house fast in Kanawha County.
What happens when I owe taxes on my home in Kanawha County?
When you miss paying your property tax, state income tax, or federal income tax, the respective government body can file a tax lien on your home. Depending on which tax you’ve missed paying, a different tax lien will be filed by a different government body.
Property Tax
Property tax lien by your city or county government.
State Income Tax
State tax lien by the state’s department of revenue
Federal Income Tax
Federal tax lien by the IRS.
When you have a tax lien on your home, don’t worry, this doesn’t mean that the government is seizing your home. This is just a way for the government body to make sure they get paid what you owe in the event you sell your house.
Can I sell even if I owe taxes for the home in Kanawha County?
Tax liens don’t prevent you from selling your home, but it can make a sale more complicated than normal.
If your house is worth more than the taxes you owe as well as the remaining amount you owe on your mortgage, you can simply pay off both with the proceeds of the sale. You can keep any remaining balance after paying for closing costs and realtor fees.
The challenge comes when your property isn’t worth as much as you on taxes and the remaining mortgage. If this is the case, then you will need to resort to other methods to get rid of the tax lien first as you won’t be allowed to sell your home if can’t cover the costs of all tax liens and the mortgage.
One possible solution is obtaining lien release called a “certificate of discharge”. This doesn’t mean the debt is forgiven or that you can extend repayment indefinitely. It simply transfer the lien from the property to you. This will let you sell your home and pay back the taxes after the sale. The only disadvantage here is that it can take time which increases the chances of a buyer walking away.
How to sell my house fast in Kanawha County even with taxes owed?
Going the traditional route of listing your house on the market (either with or without an agent) can take a while and unless you have enough equity to pay back all debts with the proceeds of the sale, getting a lien release will add to the time it takes to close and the buyer can walk away.
An easy solution to this is get a cash homebuyer in Kanawha County through a real estate investment company like 3 Oh 4 Investments, LLC. A cash homebuyer in Kanawha County offers many advantages. Companies like 3 Oh 4 Investments have cash available and are less likely to walk away from the deal even if it takes time to secure a lien release. The process to getting a fair cash offer are also easy and quick – usually only taking 3 days. The best part is you get to choose your closing date so you can be sure when you’ll be able to pay the taxes back and stop the debt from growing.
At 3 Oh 4 Investments, we buy houses in Kanawha County in any condition, whether you owe taxes, are facing foreclosure, going through bankruptcy, or dealing with an inherited property. You won’t even have to worry about repairs, inspections, commissions, or hidden fees with 3 Oh 4 Investments! Call us today and learn how much you can get for your home in just 72 hours.
