As the saying goes: nothing is certain except death and taxes. And for homeowners in Lexington, KY (and everywhere else in the United States), property taxes are inevitable. Lexington is responsible for collecting state and local taxes, which are determined by the value of your home and land property. You might be considering selling your home for several reasons, but if you’re behind on your property taxes, you might be wondering if this will affect your ability to sell your house in Lexington fast.
If you’ve got late taxes for your property in Lexington, your property may be at risk of tax foreclosure. Left unactioned, your county can foreclose on your property after some time and place it up for auction to pay for the unpaid taxes. While it may be possible to sell your house and use the proceeds to pay for late taxes for your Lexington property, it’s a tricky spot that can be best handled with a cash homebuyer like Rylo Homes. Here’s what you should know.
How does Tax Foreclosure work in Lexington?
Foreclosure isn’t just limited to unpaid mortgages. If you’re delinquent on property taxes, your Lexington county can subject your property to tax foreclosure. If nothing is done during that time, they can foreclose your property and sell it at an auction. The proceeds from that sale will then go to the county as payment for your taxes.
The tax foreclosure process can vary depending on your county. If you want to avoid foreclosure, it’s best to discuss the details of your case with your lawyer. But after some time of non-payment, the county will then give you at least a 30-day notice for a court hearing in Lexington about your tax foreclosure.
If you don’t act on your county’s warnings, it’s highly likely that the county will foreclose on the property and transfer the deed to whoever wins your property in auction. Once the auction is finalized, you lose possession of your property. That’s why, when you’re aware that you’re behind on taxes and want to sell your home, it’s important to act as soon as possible.
Can You Sell My Lexington House If I Owe Property Taxes?
It’s possible to sell your house before the foreclosure is finalized. However, it can be a tricky process. For one thing, you should disclose to your buyer that you have unpaid back taxes. To proceed with this sale, either you have to pay your back taxes as recognized by Lexington county or the buyer will have to pay it themselves.
If you’re not in a financial capacity to pay until you’ve sold your property, your buyer may not be keen on buying property that requires them to pay back taxes. As a result, they may negotiate for a lower selling price if they’ll be the ones to pay.
How Rylo Homes Can Help You Sell Your Lexington Home
At Rylo Homes, we help homeowners in Lexington sell their house fast. We buy homes as-is, which means we’re ready to provide a fair cash offer to properties regardless of location, condition, and even delinquent property taxes. We have experience purchasing these kinds of properties, and we’re here to help homeowners like you sell your house and earn the funds to pay off your debts.
While Lexington’s market is hot for sellers at the moment, there’s no guarantee that you’ll get an offer before your property gets a notice of foreclosure. Rather than listing your property on the market and waiting for an offer, Rylo Homes can provide a fair all-cash offer within a fraction of that time. Simply schedule your property viewing with our team, and we can give you an offer within 72 hours after our viewing. Should you accept, we can close the deal in as little as 14 days.
Need to Learn More?
If you’re behind on your property taxes, a good option to pay off your debt is to sell your home. However, time is of the essence, and waiting on the market for a good offer may not be an option. If this is the case, your best bet is to work with a reliable cash homebuyer in Lexington, KY. Let Rylo Homes be your guide to a faster home selling experience.
Contact Rylo Homes today to schedule your property viewing.
