All homeowners have to pay property taxes, including those with homes in Orlando, Florida, annually. When you fail to pay your taxes, Orlando’s local government can put an involuntary lien on your property. If left unchecked or unpaid, this can lead to tax foreclosure, which results in you losing legal possession of your property. If you want to avoid this, one of the ways to address this may be to sell your home and use the proceeds to pay off your debt. But is it possible to sell your house in Orlando, FL with debt like unpaid taxes?
The short answer: yes, it’s possible to sell your property – but the process can be tricky and time-sensitive. Here’s what you should know about selling your Orlando home to avoid tax liens and tax foreclosures from affecting your ownership and financial stability.
Understanding Tax Foreclosure and Tax Liens
Foreclosures and liens aren’t necessarily limited to mortgage payments. A lien is a legal claim against assets like your Orlando home when you’ve defaulted on your loan repayments for your creditor. When you fail to repay your debts, your creditors can legally place a lien on your property so that, once the property is foreclosed and auctioned off, the proceeds will be used to pay off the remaining debt.
This isn’t a fast process that instantly happens overnight. Before your home is foreclosed on and after you miss your first annual property task payment, there’s a window of time where you can act. Once you’ve been served a notice of foreclosure and your house has been foreclosed, it can be difficult to reclaim your home and sell it.
The tax foreclosure process can vary between local governments, so the best thing to do is to discuss your case with a tax attorney familiar with how the law works in Orlando. If you don’t act immediately, it’s possible for your local government to take possession of your property and use it to pay off your existing debts, like unpaid taxes.
Can You Sell a House in Orlando If You Owe Property Taxes?
Before your home’s foreclosure is finalized, it can be possible to sell your house. However, this can be a complex process, so finding a buyer on the market can be difficult. Since liens are part of public records, your buyer can find out if there are existing liens on the property. It’s also your responsibility to disclose unpaid property taxes, as this can prevent you from selling your house unless these taxes are paid.
If you don’t have the financial means to pay off your back taxes until you’ve sold your property and received your equity, your buyer may have to shoulder the costs. However, since this is an extra step on the homebuying process, some buyers may not want to deal with the back taxes. They may also try to negotiate your asking price since the back taxes are an added cost and step on their end.
Sell to a Professional Home Buyer
Because of the extra steps of dealing with unpaid property taxes, it may be difficult to find a buyer on the market willing to pay off the taxes before your home is foreclosed on. If this is the case, your best solution may be to sell to a professional home buyer like VDL Homes, Inc. We buy houses in Orlando, FL as-is. This means our team will handle issues on the property like its condition, existing tenants, or even legal issues such as existing back taxes and liens on your property.
At VDL Homes, Inc., we provide a fair cash offer with a quick turnaround time. After viewing your property, you can expect an offer from us within 72 hours or less. If you choose to accept our offer, we can handle the closing and the documentation to finalize the sale in as little as 14 days. Given our streamlined process, we’ve made selling your home faster and more convenient for you.
Need to Learn More?
Prevent the pitfalls of getting liens and risking foreclosure on your property because of unpaid taxes. VDL Homes, Inc. offers a faster, practical, and fair way of managing your real estate property and selling it within a short turnaround time compared to the market average.
Contact VDL Homes, Inc. to schedule your property viewing and receive a fair cash offer for your home.