Owing back taxes is like having a disease you’re barely aware of. You know something is wrong, but the lack of resources stops you from addressing the issue. When the disease spreads, you find yourself in even more financial trouble.
Thankfully, there are ways to gain enough funds to pay your tax liability. One of these solutions is accessing a property’s equity. By selling your home to a cash buyer like My Home Sold, you can quickly gain cash to pay back taxes before the interest and penalties become too unmanageable. Keep reading to learn how the process works.
Orange County, California
Back Taxes: Issues, Problems, and Examples
What are back taxes? These are unpaid taxes that are overdue after the filing deadline. According to the most recent statistics, around 11 million Americans owe the IRS an estimated $125 billion in back taxes, which is expected to grow.
How do people incur back taxes? There are several scenarios where this issue can happen. People may file incorrectly and miscalculate deductions or underreport their income to reduce what they owe. Some simply fail to file their returns. Whatever the case, back taxes can result in various problems, such as the following.
Financial Consequences
Back taxes result in interest and penalties. The longer you fail to address the issue, the higher the debt climbs. In the worst-case scenario, the IRS may impose federal tax liens in your name and levy your assets to pay for these debts.
Legal Risks
Non-payment of back taxes may escalate into tax evasion, which is a criminal charge. If proven guilty, you may face three to five years in prison.
Personal and Business Impact
Stress from mounting tax debt often spills into your personal life, affecting your mental health and relationships. For business owners, unpaid payroll or sales taxes jeopardize licenses and vendor trust, threatening company viability.
San Diego California CA
Access Trapped Equity
One resource that may be enough to pay back taxes is the equity in your real estate property. A home sale will help free this trapped resource, but traditional sales will take too long. California properties stay in the market for 31 days on average, which may be too lengthy for those who want to access their trapped equity immediately.
Thankfully, there are other methods to ensure that you can access the equity within the shortest time span. One of these solutions is to work with a cash buyer. We offer a streamlined process that allows you to finish the sale in as quickly as a week. Instead of a lengthy traditional sale, the cash buying process becomes as easy as a retail transaction.
Sell Your Property Fast to My Home Sold — The Cash Home Buyers
My Home Sold is your trusted cash home buyer in Southern California. We’ve been around since 2015, offering comprehensive solutions to home sellers and making the transaction a breeze. We buy homes regardless of their current condition, providing a seamless process that maximizes convenience.
- Share details about your property on our online form or contact us via phone.
- We will evaluate your property thoroughly to come up with a competitive cash offer. No need for repairs or renovations.
- If you accept the cash offer, you can choose the closing date whenever you want. It can be within seven days or two months after. When we’re done with the closing stage, you’ll get your check and cash it out to pay for back taxes.
We Buy Houses As-Is in Southern California
We Buy Houses As Is
Our team purchases real estate assets in any condition. Even if your house has the following issues, rely on us to proceed with the transaction and provide a reasonable cash offer.
- Trash Filled: We won’t require a cleanup before the sale. Our team will handle this step after closing.
- Dirty: No need to tidy up filthy spaces in the property like you would in a traditional sale.
- Renovations Gone Wrong: Even if your property has obvious signs of failed remodeling projects, we’ll buy it regardless.
- Code Violations: Instead of shelling out more money to address code violations, sell the property to us.
- Damaged Homes: We will buy your SoCal property even if it has fire, earthquake, or termite damage.
- Death Estates: Avoid the financial burden of managing a deceased loved one’s property through a cash sale.
- Vacant Land and Houses: Make use of unoccupied property by selling it. Use the proceeds to pay back taxes, medical expenses, legal fees, and more.
- Abandoned: Abandoned homes can accumulate property taxes and nuisance penalties. Avoid these headaches with a property sale.
- Hoarder Homes: We won’t require you to clean up years of accumulated stuff before acquiring your property.
- In Bad Shape: Even if the property is in bad condition or about to be condemned, we will buy it regardless.
- Bad Rental Property Tenants: We help tired landlords sell rental properties, even if the building has existing occupants.
- Cracked Foundations: My Home Sold purchases properties with structural issues, such as cracked foundations and walls.
- Rundown Homes: We also work with homeowners whose houses seem unsalvageable.
- Needs Repairs: No need for extensive and expensive repairs before the sale. We will purchase your real estate asset regardless of the fixes required.
- Fixer-Uppers: We help properties with investment potential reach their full value after the sale.
fastest way to get cash
Read How We Buy Houses
We’ve perfected our process over the years, eliminating unnecessary steps and ensuring maximum convenience for homeowners in these SoCal areas.
Check out the definitive steps of our home buying process to learn why we remain a top cash home buyer in the region.
