When you have a lien on your home from tax debt, your increasing penalties and interest are likely adding pressure to your situation. Because tax debts continue to climb as time passes, taking quick action will save whatever equity remains and remove the dark cloud that lingers over your head. Whatever you do, don’t try to hide the issue or list your home before you’ve devised a strategy to free yourself from your lienholders’ entanglement, as this could lead to further costly delays.
Selling your home may be the solution to resolving your problem; however, the process is already fraught with stress, and the presence of a lien or tax problems will complicate matters. Therefore, you must clear this debt to sell the property and do so in a specified order dependent upon the status of the lienholder, such as primary or secondary mortgages or tax liens that are always primary. In more complicated cases, it’s advisable to work with a professional tax advisor or attorney to assist you.
Once satisfied, whatever you do, ensure that you receive documentation that you paid off the debt with a recorded lien release, lien discharge, or satisfaction of mortgage. If you find that the lien is still on the house and have proof you’ve paid the taxes, you’ll need to file a request for a certificate of release before closing. Ready to learn more about how to tackle this situation? Read on as we discuss how to handle liens and tax problems when selling your house Tulsa.
Expiring
If you find yourself in a position where the statute of limitations is about to expire on your debt, it’s important to consider all of your options carefully before taking any action. Sticking your head in the sand and hoping that the debt will simply go away is not usually the best option, as there is only a slight chance that this will actually happen. In most cases, the IRS will file suit against the debtor for collection if the statute of limitations is about to expire. However, if the amount of debt is low and you have been living underneath the lien for ten years or more, the IRS may permit the debt to expire. This approach should be used with caution, however, as there is no guarantee that the debt will be forgiven.
Pay It Off
The most obvious way to handle a lien or tax problem when selling your house in Tulsa is to simply pay off the debt. This will clean up your title and make the sale go much smoother. However, this isn’t always possible or practical. If you can’t pay off the debt, don’t worry – there are still options available to you.
Negotiate
You could try negotiating to handle liens and tax problems when selling your house Tulsa if there isn’t enough equity to cover the total debt. An attorney should be involved in this process.
Dispute
Disputing the debt is another way to handle liens and tax problems when selling your house Tulsa; however, you must have a qualified tax advisor appointed to represent you if the debt is with the IRS.
Buyer
While complicated, another way to handle liens and tax problems when selling your house Tulsa is to look for a cash buyer to purchase the property, if circumstances allow this option legally, knowing that the buyer must pay the debt if they want to sell the home in the future.
Integrity Home Buyers
Your best option is to sell for cash to a direct buyer from Integrity Home Buyers and work the payment from your proceeds into the closing. Then, talk to the experts at Integrity Home Buyers who can help. We’ll relieve you of the burden of liens and tax problems when selling your house Tulsa with the quick, easy and transparent process at Integrity Home Buyers. Furthermore, the direct buyers at Integrity Home Buyers never charge commissions and offer guaranteed closings, working with you for the most convenient date, usually within a matter of days. In addition, you’ll have the numbers in your hand to compare our offer against the profits you’d realize with a traditional listing, so you can decide what the best option is for yourself. Call Integrity Home Buyers at (405) 367-6048.