December 8, 2023
Selling Your House During a Downsize

If you own a home with an outstanding balance due to taxes, you may wish to sell in order to settle the balance before the foreclosure occurs. Be aware of the laws in your state as these may differ. This blog will guide you through the process of selling a home with a tax lien attached.

Selling Your House

Before beginning to sell your property, first determine if it’s legal for you to do so. Any tax liens must be cleared off before title can be transferred to a new owner; research local laws in your state regarding how tax liens affect sales of houses before trying to market yours. Explore our customer retention strategies by clicking here:

Selling Your House for Less than the Amount Owed

You could opt to sell your home to someone who will finance the tax lien and pay off the outstanding balance. However, make sure they pay off your debt, not substituting their own. If this option appeals to you, ensure that they pay off both parties’ obligations.

Selling House with Tax Lien

You could also sell your house to someone who will assume any tax liens you owe. The buyer would agree to pay off whatever debts you owe and then make regular payments as they come due. Before finalizing a deal with a third party, find out if there are any upfront costs or fees that must be paid beforehand.

Transferring the Deed

Once your house has a tax lien, it must be transferred to the new buyer. If they plan on selling it and paying off all taxes owing, then they’ll need their own individual tax lien which the state will grant them permission to do so.

Where to Get the Money

If you plan to sell your house, the first step is finding a buyer. Make sure they meet certain qualifications and avoid any liens or other legal issues during the transaction. 5. In conclusion, ask yourself these five questions when searching for a buyer: Do they own any land? How much would it cost? Will there be tax implications? Taking these into consideration will determine what can and cannot be sold during negotiations?

Confirm ownership of the property

Before the sale is final, make sure that you remain the legal owner of your house. This involves clearing away any debts and making certain no outstanding bills need payment.