Sell a Philadelphia House With a Lien
L&I fines, tenants running up utility bills and leaving you with the tab, property taxes piling up each year eating away at your pockets resulting in liens being placed on your property. That’s enough to make your head spin and also enough to make you want to sell your Philadelphia house with a lien.
Purchasing a house includes more expenses than just the mortgage payment, and this includes property taxes. These taxes generate income for the district to fund things like schools and police departments. The cost of property taxes relies on where you live and the estimation of your house. Inability to pay property taxes at the required time might result in a fee. In the event that you owe back taxes, the tax collector may issue a lien against your property or attempt to sell your home through a tax deed sale. Trying to figure out how to save your house from a sheriff sale can be extremely stressful! In that scenario you have the option to just start over if you decided to sell your house with a lien in Philadelphia.
WHAT IS A TAX LIEN?
A tax lien is a lawful claim by a government entity issued against a defiant taxpayer’s assets. Tax liens are a final resort to force a person or business to pay back outstanding taxes. To annihilate the action of a lien, the taxpayer must pay what she or he owes, reach a compromise with the tax authorities or get the debt dismissed in bankruptcy court. State and federal governments might place liens for unpaid state and federal income taxes, while tax liens for property taxes or unpaid local income are placed by local governments.
In the event that the taxes remain unpaid, the tax authority can then utilize a tax levy to legitimately seize the assets of the taxpayer (such as investment accounts, bank accounts, real property, and automobiles) in order to regain the money it is owed. Tax liens may be reported to credit agencies and publicly recorded. These two key features of tax liens effectively prevent refinancing of assets or sale to which liens have been appended and disallow the delinquent taxpayer from borrowing cash. A quick way out of all this headache is to sell a Philadelphia house with a lien.
Generally, that depends on how much is owed. Yet, it is better at times to have an Internal Revenue Service (IRS) tax lien than a state one. This does not really imply that a federal lien is not genuine, but the IRS is more willing to work with individuals who have back taxes. Since municipalities and states are smaller government bodies compared to the federal government, owing them taxes tends to create a more serious problem. Taking all that into consideration deciding to sell a house with a lien Philadelphia would be the best remedy for this situation.
State liens vary from a state to another but are generally more serious. Hence, settling municipal or state back taxes should be a top priority over federal back taxes.
Regardless of the fact that the IRS has a tax lien on one’s property, it does not really imply that the government has taken control over the property or that you will be compelled to sell. It should be of notice that the house can only be sold off if there is adequate equity to cover the owed debt. Yet, selling a Philadelphia house with a lien can be difficult.
If by chance you are indebted to pay back taxes, you can do the following:
- Request an Installment Plan
Paying off the debt all at once might not be possible for some people. Considering this case, disclosing your situation to the county treasurer or IRS is a start. An installment plan may be organised in order to remove the lien, taking your financial situation into consideration. No less than three payments must be made before you file a request for the withdrawal of the lien, and it could take the duration of three months in order to get it removed. Notwithstanding, immediately the tax lien is removed, you will be cleared of the lien, even though you are still liable to making monthly payments. The debt has to be reimbursed within six years.
- Pay the Debt in Full
This is the actually the simplest approach to get the IRS to withdraw the tax lien. Also be aware that when you your Philadelphia house with a lien that also satisfies that debt. In most cases you take care of the debt AND walk away with cash.
- Request to Sell the Property
This only applies provided there is enough equity to cover the outstanding debt when you sell a house with a lien in Philadelphia. The returns from the home sales can be utilized to pay off your debt and eventually have the tax lien removed. It is mandatory to do proper documentation of every step of the sale and keep it, as this will be eventually required by the Internal Revenue Service.
CAN I SELL A HOUSE WITH A LIEN IN PHILADELPHIA?
When a tax lien has been placed on your property, you stand a great chance of losing the property if you don’t have a source of getting the tax paid. One of the best options for you might be to sell a house with a lien in Philadelphia rather than allowing the local authority get hold of it.
And that is exactly what we stand for at Noknowhouses . Instead of you walking away with nothing, we’ll let you walk away with money by buying your property in Philadelphia at a cost effective price. You don’t need the help of a real estate agent to help with ridiculous paper works and commissions. Sell your Philadelphia house with a lien, we will buy it free of hassles!
Sell a house with a lien in Philadelphia today!