Many people nationwide our caught in the economic downfall of our country. Many therefore struggle to keep up with bills. As a result, some just aren’t able to keep up with the financial requirements of owning a property. One of the most drastic things that can happen is your city or county can take your property and put it up for auction due to unpaid real estate taxes. Once this process is initiated, your local government will usually require every penny of your back taxes to be paid, including interest and penalties. If all is not paid up completely before the auction date, you will lose your property.
We at TEA Real Estate, LLC talk with individuals and families to learn about your unique situation. We then work with you to create a solution that works best for you. As is usually the case, time is very limited. In order for us to have the greatest affect for you, we ask you respond promptly to anything requested during our conversations.
Here are some of the options we are able to offer:
Finance your taxes owed – Instead of you having to pay all back taxes within the next few days or weeks, we are able to create a deal where we pay off your taxes for you before the auction. In exchange, we are granted a temporary deed to your property as collateral for the loan. As is written in the agreement and filed with the paperwork to the county, once you pay back the loan according to the terms we agree upon, you receive your deed back. This allows you more time to pay off the taxes instead of the short period of time the government is demanding.
Purchase – For those that plan on letting the government take your property because you feel like you have no other choice, we may be able to make you an offer on the property. In these situations, it is possible that we would be able to pay off all your taxes for you, including back interest and penalties. IN ADDITION, we would offer you a settlement amount to purchase the home from you. This potentially solves several of your problems. The first being that instead of the county or city just taking the property from you, we would settle your taxes owed and give you a sizable amount of money. Typically, you will receive these funds within a week. You wouldn’t have to do anything to the property. Besides the funds you receive, this option also prevents a tax foreclosure from significantly affecting your credit rating. Also, once we completely clear the title of the property and take care of all liens against the property, that will stop many of the phone calls and letters you have most likely been receiving from creditors.
If you would like more information about some of the options we may be able to offer you, please call us now at 703-623-3719.