Hi, I’m Beth with TB Properties Buys Land. Today, I’m going to discuss the ability to sell your property if you still owe money on it. Right now, we’re working with a young lady who owns land in Texas. This was inherited property, and when she inherited it, it had lots of back taxes on it. Over the years she has been slowly paying off those back taxes, but there’s still back taxes attached to that property. Because of that, she’s not been able to list the property with a realtor in order to sell it and pay back some of those back taxes and end up with some money to keep for herself.
She received a letter in the mail from TB Properties Buys Land and wanted to work with us but thought she had to complete the payoff of the back taxes before we could put it under contract. What I explained to her was that she can still sell her property, owing money on it, and we came to the agreement on a price and in the purchase and sale agreement that we sent to her, our simple one-page contract, we stated that we were going to pay for all the title fees, which include the buyer and the seller escrow fees. We’re going to pay for title insurance, the recording fees to the county. We also said that we were going to pay for her remaining property taxes. Again, whenever you’re selling your property, something like this is something that can be negotiated on the front end. Be sure to ask about that. Always be upfront if you owe money on your property because it’s going to come out. Title’s going to reveal in the title commitment that there’s a lien against the property, that there’s a mortgage against the property, that there’s back taxes on the property. We’re going to find out. But if we know this in the beginning, we can negotiate it.
We came to the agreement, here’s the dollar value that you’re going to get paid at closing, and we’re going to cover all the closing costs, and you’re going to have the property taxes paid off. She didn’t have to worry about paying the property taxes off before being able to sell the property. She didn’t have those thousands of dollars to pay the property taxes in advance. Those are getting paid off by us. She’s going to get a check from the title company once the transaction closes, and it’s going to work out easy for her. All these years she’s been scrimping and saving and slowly paying off the back taxes on this from her family member.
Now she can easily have that burden taken off of her. She’s going to get a check in the mail. We’re still waiting on title to get that title commitment out so that we can get closing documents and close on it. The transaction has not closed yet, but this is what’s happening right now. I wanted to share with you a real case study that we’re going through. If you’ve got property, if you owe back taxes on it, if it’s inherited property, or if you’ve got a mortgage on that property, most likely you can still sell it. If you have individual questions, please feel free to reach out to us. Give us a call, shoot us an email, or reach out to us on the form on our website. We’re happy to work with you. Thanks again for listening.