So maybe it just happened one day, you get the call that you weren't’ expecting. You woke up and all of a sudden your loved one passed away, this is the single hardest thought process that anyone can go through. A few weeks later and your attending funeral of your father/mother. Then the hardest part comes in, you have inherited some land that they have since left you and maybe your siblings.
The next few days and maybe even weeks you begin to contemplate the idea of selling these inherited lands with back taxes owed. You ask some tough questions like:
Now you just inherited property, and maybe you have considered selling the property and thought that selling would be easy since it’s an inherited property.
Death is harsh to deal with, and it’s even harder when you have a deal with issues like selling your vacant land that was inherited with taxes owed on it.
But what would you do if you inherited a vacant land with some taxes owed?
These are just some issues you may encounter when selling a vacant land for cash when you owe back taxes.
Then reality starts sinking in for you about selling the lot quickly. You see it is common not to know what to do if you suddenly inherit land with back taxes owed.
The best and simple answer to sell with taxes owed is to get rid of it and at the sale of the land. You will be cut a check for what is owed on the land, and the rest is yours. So if you owe $5,000 in back taxes for the previous 3 years or more, and your property was given a cash offer for $30,000. The title company will write you a check for $25,000.
All terms in real estate are negotiated before selling so if you’d like to get a cash offer you can always settle the taxes owed and maybe split it in half so cash buyer for land can cover a half the portion owed and you can cover the rest. Every situation and case is different when evaluating the land purchase. Just make sure it can also make sense for the land buyer and your situation as well to get the taxes split in half. Interview at least two people for each spot you have.pmj
Suppose you owe $2,000 in back taxes for your land and the cash offer was for $30,000. The purchase contract could then be $32,000 to cover the taxes owed, and you can still net $30,000 for the vacant piece of land. Again, every situation is different and not all cash offer for land is the same, but it can be worked out for the buyer and seller should each party negotiate the terms of the purchase of the land to include a higher cash offer amount for the property to offset the taxes owed on the piece of raw land.
As you can see each problem presents a solution especially when it comes time to sell inherited land with taxes owed. There is so much that might be going through your thought process to get rid of this land and move on with your life. Losing someone can be extremely devastating physically, emotional, spiritual, and at times even economically.
We understand your situation and will offer any kind of support and answer any questions you may have about selling an inherited land with taxes owed on it so you can move on and get cash quickly.