Delinquent Taxes
Getting behind on taxes puts your home at risk for being auctioned off for unpaid real estate taxes.
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Typically taxes are collected as part of your mortgage payment and held in escrow until the taxes are due. When the taxes are due, the money comes from the escrow account to pay them. But what happens when the home gets paid off?
If your taxes are not being collected as part of your mortgage payment due to your loan type or once you have paid the mortgage off and an escrow account no longer exist, you as the homeowner are responsible for keeping up the real estate taxes on your home.
In the state of Virginia, your home can be auctioned off for unpaid real estate taxes. As in, if you get behind in taxes and they remain unpaid for a certain period of time deemed excessive by the city or county, then your home may go up for auction. Once your home goes up for auction and it is sold to the highest bidder, you may not be able to get your home back. Typically, just like in a foreclosure, you have up until the date of the sale to pay your back taxes and any other fees that may have accrued or been added to your account.
You need an agent that specializes in creative resources and selling homes quickly to avoid your home being auctioned off.
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DELINQUENT TAXES: Payment of real estate taxes is required unless you are exempt- even if you own your home outright without a mortgage. Usually the mortgage takes care of the taxes from an escrow account but if the home was bought using cash or if the mortgage is now paid off, the taxes are the responsibility of the owner. If you own your home and fall behind in taxes, the city may come and take your home to pay for back taxes.
IF YOU ARE BEHIND IN TAXES, DON’T LET THE CITY AUCTION YOUR HOME OFF! LET OUR KEYS BE THE SOLUTION TO YOUR REAL ESTATE PROBLEMS. CALL AN EXPERT TO HELP YOU NOW!
Selling your home Delinquent Tax Style- The title search will reveal that you are delinquent in taxes so back taxes will have to be paid at closing from your proceeds before another person can buy and own the home. Example, if you sell your home for $50,000 and you owe $10,000 in back taxes, that $10k plus any other fees/liens or fines associated with the sale of your home is deducted from the purchase price of $50,000 and what is left is what you put in your pocket.
Choosing the wrong agent to help you in this type of sale can continue to cost you money. Every day that the home hasn’t sold, the unpaid taxes, late fees and fines are racking up. You need an agent that can help you sell the home quickly to avoid further tax debt and sell it before the city chooses to sell your home at auction.
Did You Know? In the state of VA, the state can exercise it’s right to auction your home for unpaid real estate taxes?If you own your home and are behind in taxes, the city may come and take your home to pay for unpaid taxes. DON’T LET THE CITY TAKE YOUR HOME FOR UNPAID REAL ESTATE TAXES! ACT NOW!! CLICK HERE TO GET THE INSTANT VALUE OF YOUR HOME!