Owe Back Taxes And Need To Sell My Home
As a REALTOR, I understand that selling a property can be a tough decision, especially when you have outstanding back taxes to pay. However, it's important to know that you have options and solutions available to you. In this blog post, I'll provide you with a few steps that may help you sell your property and take care of your back taxes.
Important note: You have likely been solicited from various “fast-cash-offer” letters, postcards, or calls. Some of these firms are helpful in certain situations as they offer a fast sale and may offer your back taxes in exchange for your property. However, in today’s market, I would highly recommend NOT going down this path to start. With record amounts of equity gained over the past few years, homeowners have much more equity than they think. You can get your Professional Equity Assessment Report by completing the online form. So if you owe back taxes in Monmouth County or Ocean County New Jersey and need to sell your home follow these steps to get started.
Step 1: Consult with a Tax Professional
The first step to take when you owe back taxes and need to sell your property is to consult with a tax professional. They can help you understand the amount owed, any penalties or interest associated with it, and any liens placed on your property. This information will help you determine the best course of action for selling your property. If you would like to speak to our preferred tax professional, send us a message.
Step 2: Determine Your Property's Value
Before putting your property on the market, you'll want to determine its value. A local REALTOR can help you with this by providing a Comparative Market Analysis (CMA) that compares your property to similar properties in the area. This will give you a good idea of what price range you can expect for your property. We use a Professional Equity Assessment Report which you can obtain for your home by completing the online form.
Step 3: Consider Your Selling Options
When you owe back taxes, time is of the essence. You may want to consider selling your property through a short sale or an auction to expedite the process. Both options have their pros and cons, so it's important to discuss them with your REALTOR and tax professional to determine which option is best for you.
Step 4: Work with a REALTOR
Lastly, working with a local REALTOR who has experience in selling properties with back taxes owed can make the process smoother and less stressful. They can help you navigate the complex process, negotiate with buyers, and handle any legal matters that may arise.
In conclusion, selling a property when you owe back taxes can be a daunting task, but it's not impossible. By following these steps, you can take control of the situation and find a solution that works for you. Don't hesitate to reach out to Keller Williams Realty - The TRE Group and a local tax professional for guidance and support.
Visit here for more tax related information in Monmouth or Ocean County, you can visit http://www.motcta.org.
Good luck!
