Month: August 2020

Left unanswered, a tax lien can lead to the government seizing your home. Luckily, you can learn how to remove a tax lien on a house and alleviate financial stress.

Tax liens can make it difficult to obtain credit or relocate. If you own property with a tax lien, it’s important to understand it and how you can resolve it.

What is a Tax Lien?

A tax lien is the right to keep possession of property belonging to another person until the property owner repays a debt in full. There are two types of liens: voluntary and involuntary. In a voluntary lien, such as a mortgage, the property owner enters the legal arrangement willingly. In contrast, stakeholders place an involuntary lien on properties to protect unpaid obligations. The most common involuntary lien is a tax lien.

A tax lien is a claim on your property initiated by the government. They place this lien because there is a tax debt that must be paid by the property owner. Tax liens stay in place until the tax debt is paid. As long as a tax lien exists on your property, the taxing authority has the power to take your property away if you fail to pay the tax.

Tax liens are triggered automatically when the property owner does not pay certain taxes, such as income or property taxes, by a set date. The state or federal government can issue tax liens.

A tax lien is attached to the house, and the state or the county can eventually foreclose on the house if the taxes remain unpaid. Even if the bank forecloses, the tax lien stays on the house.

How Can a Tax Lien Affect Me?

If your property has a tax lien on it, it means you have an outstanding debt. If you don’t fulfill that debt, you run the risk of getting your home foreclosed or levied by the IRS. Having a tax lien on your property means the property cannot be sold or transferred.

For companies that buy homes as-is, purchasing a house with a tax lien presents an extra challenge. Some companies, including companies that buy homes in Florida, can still buy your home with a lien, or other tax complications.

Tax liens can also affect your ability to get a loan or refinance your home, as your demonstrated creditworthiness is diminished. While tax liens are no longer on credit reports, the IRS can still file the lien publicly, so creditors are aware of your past failure to repay your debts.

How Do I Know if There is a Tax Lien on my Property?

If you have missed any local or federal tax payments, you may have a tax lien on your property. You should receive a notice in the mail if there is a lien. Because tax liens are triggered automatically, you might not realize the lien exists if you missed any of the notices.

There are several ways to check if a tax lien exists on your property. Give the IRS Centralized Lien Unit a call to check for a federal tax lien. You can also check the IRS website. If they didn’t place a lien, you can check your balance due.

The IRS works with local authorities. Check with them to see if a lien was placed on your property. To do this, you can start with your secretary of state’s website. Once there, look for “lien filings” and your state name or “UCC search” and your state name. Make sure you have your identifying information, like your tax filing number, on hand to get the data you need.

For state tax liens, check with the county where the property is located to confirm whether a lien was placed.

How Can I Remove a Tax Lien?

If there’s a tax lien on your property, the easiest, most direct, and best way to remove it is by paying the taxes owed. This is the only way a tax lien disappears, and you avoid the danger of foreclosure or a tax levy. You will need to work with the state or federal government directly to make sure everything gets settled properly.

If you are unable to pay off the tax lien right away, there are other options. The lien won’t disappear, but you may be able to avoid a tax levy. For federal tax liens, you can work with the IRS to set up a payment plan. This plan has fees associated with it, but it could help remove the tax lien from the public record.

You can also ask for an Offer in Compromise, a proposal to settle your taxes and pay back less than you owe. Know you must apply for this, and only about half of the applications get accepted each year, so keep this in mind. You can also file an appeal if you believe the lien was wrongly placed.

Sell Your House

Although a tax lien prevents your property from legally changing hands until you’ve paid your debts, you can take extra steps to get your property off your hands and use the money to settle your tax debts.

For these situations, it’s often helpful to sell your home with a tax lien to a home buyer in Tampa, Orlando, or Melbourne. As-is home buying companies can help you navigate the legal issues surrounding your tax debts and provide you with the cash you need to settle your debts immediately, alleviating stress and enabling you to start over with a clean slate.

It’s reasonable to be skeptical and wonder, “are home buying companies legitimate?” Meli Homes in Central Florida is a reputable cash home buyer that can help you find peace of mind, knowing you can settle your debts.

Final Thoughts

Tax liens are something you want to avoid. If you have a tax lien on your property, you can resolve the debt and avoid getting your property taken from you. If you are trying to sell your house quickly, having a tax lien makes this more challenging, though not impossible.

Meli can help you with a lien or tax complications. We know that navigating tax issues is confusing and stressful, and we are equipped to help you deal with every tax situation. If you have a home with a lien, call us at (407) 305-5008 for a free consultation.

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.

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If you have failed to pay your federal, state or property taxes or a municipal charge like a municipal tax in full, you may have received notification that a tax lien has been placed on your home and are wondering “what is a tax lien?”

Although tax liens prohibit you from selling your property until you’ve paid the taxes, plus interest and penalties, you owe, you can still sell a house with a lien with expert help. 

What Does a Tax Lien Mean?

A tax lien isn’t the same as a levy, which would allow the government to seize your property to satisfy your debts. Even so, liens are a concern because of the possibility of a lien-holder confiscating your property if you are still unable to pay.

Once instated, federal tax liens apply to your property until you repay all your outstanding debts. This can put a hold on your credit lines and other opportunities, making it crucial to think about satisfying the liens as quickly as possible.

How Do Tax Liens Work?

All states have laws that allow the local government to sell your home in a tax sale to collect delinquent property taxes. The government auctions tax liens off to people in the community to recover its lost revenue. Buying a tax lien is an investment, as the owner can recoup your tax payments, with interest and penalties.

Once you’ve paid the amount you owe, the government issuing the lien removes it from your house within 30 days. If you don’t repay the taxes and penalties in time, your lien-holder can foreclose on your property.

Dealing with a Tax Lien on a House

A lien typically prohibits you from selling or refinancing your house. However, you can use the money earned from selling your property to companies that buy homes to satisfy your debt. These companies normally pay out quickly in cash, meaning you’ll spend less time with your home on the market and be able to resolve your lien, fast.

If the proceeds don’t satisfy the lien, you’ll have to apply for either subordination or withdrawal.

Subordination allows you to yield priority in debt payment. This can mean allowing an organization like the IRS to sell your debt to third-party creditors, potentially freeing you to sell your home.

Withdrawal is simply when the federal tax lien is withdrawn from your property. You must be current on your tax payments and have filed taxes correctly for the past three years to qualify. When an entity like the IRS agrees to withdrawal, they’re allowing you to adhere to a more relaxed payment plan. This is perhaps because you’ve already paid back your debt in part. However, you will still have to pay back the full sum.

The government may release your house if it realizes that its interest in your property is of negligible value. To achieve this, you must prove that your home isn’t valuable, or that the property is defaced in some way. If you’re dealing with a distressed house, you might want to consider selling to companies that buy homes in any condition and can take the property off your hands easily.

Another option is to dispute the lien. If there’s a creditor other than the federal government involved, the government might be willing to settle in or outside of court for a smaller payment, depending on your circumstances. With tax liens, it’s possible that the IRS counted debts for the wrong year or that you’ve experienced identity theft. Either of these situations would allow for an immediate release on your property.

How To Sell A House With Tax Liens

Selling a house with a tax lien may be difficult, but it’s not impossible. As long as you can pay off the lien before you conclude your sale, you’ll be in the clear.

One option to pay your debts is adding the taxes owed to the property price when listing it. This might seem appealing because you’ll need to clear all liens before ownership can be transferred to the buyer, but it’s difficult to sell a house at a marked up price.

If the current housing market doesn’t support a higher price, you might have difficulty selling your property. You ca also be forced to accept a smaller profit from your home sale than you would have liked.

Consulting with a real estate professional or getting a home valuation is helpful for finding the appropriate fair market price.

Having tax liens can make selling difficult, as you must disclose this on the title report to potential buyers. Homebuyers may become concerned about the property’s legal status and hesitate to close, resulting in a long, frustrating selling process.

You’ll need to account for additional costs involved in selling your house, such as transfer taxes or broker fees. By selling to a cash home buyer in Tampa, you can get a house with tax liens off your hands without racking up realtor fees. Cash home buyers have the resources to purchase your property upfront in cash, without needing a mortgage.

Companies that buy homes as-is can be very helpful as you navigate liens, as cash home buyers have plenty of experience helping sellers get rid of distressed properties efficiently.

If you’re looking to unload a house quickly, selling to cash home buyers can be a great solution. You won’t have to worry about navigating a complicated sales process while trying to eradicate liens or other liabilities, because a professional can help you deal with the paperwork involved.

Sell Houses with Tax Liens to Meli

If you have a tax lien on your house in Florida, look into cash home buyers in Central Florida. Meli Homes is a reputable cash home buyer in Central Florida. We make selling a distressed property quick, easy and stress-free. We’re here to help you turn a tricky sales process into a simple, hands-off transaction.

We buy homes in any condition for cash so you can focus on paying off your debts today.

If you’re struggling with foreclosure, tax issues, or legal hassles, we’re here to take help without unnecessary fees. Contact us now for a great offer on your house.

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.

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To sell your home as-is fast in Florida, your best option is a cash home buyer. Whatever the circumstances or condition of your property, selling to a cash home buyer is a good option. Here’s why selling your distressed home to a cash buyer is quick and easy.

What’s a Cash Home Buyer?

A cash home buyer is an individual or company that has the funds to purchase your property outright. This allows them to purchase without the need for a mortgage or a loan.

Why is a Cash Home Buyer the Best Option for Selling Property As-Is? 

Cash home buyers will buy property in any condition. Whether relocating for work or inherited a home, a cash buyer can purchase your property within 30 days or less.

Selling a distressed property to a cash home buyer in Florida is the faster alternative when selling your home. Listing on the property market is costly, time-consuming and there’s no guarantee that you will sell your property as-is. Selling the house yourself is even more time-consuming, and you get no expert advice.

Homebuyers become hesitant when it comes to purchasing a property that’s listed ‘as-is’ because many are afraid you’re hiding something. Even if someone agrees to buy, there is the risk that the deal could fall through.

Selling your property as-is to a cash home buyer offers security as they’re not dependent on a mortgage or loan. This speeds up the buying process because there’s less paperwork, no waiting on lenders, and no property chain involved.

If you inherit a property and you’re unable to shift it on the open market as-is, consider selling it. You can sell to a cash home buyer and have the funds in your account faster.

Ultimately, cash home buyers give you a selling option that helps you avoid the hassle of trying to sell a property yourself or through a real estate agent.

Why a Cash Home Buyer will Purchase Your Home As-Is

Cash home buyers have an incentive to purchase your property as-is because they can pay a lower price for it. They are then able to refurbish the property and potentially sell it for a profit.

If your property is in a highly desirable location, there’s even more incentive for a cash home buyer to secure a sale on your property quickly. Homes in prime locations are in demand across Florida and cash home buyers are always looking for the next opportunity to secure a sale.

Most cash home buyers tend to be companies acting on behalf of investors, or wealthy individuals looking to add to their property portfolios. They will often buy property as is because it offers a quick turnaround.

Get an Estimated Value of Your Distressed Home 

Even though you need a fast sale on your home, it doesn’t mean that you should take the first offer that comes your way from a cash home buyer. If your property does need repairs, you should it valued first so you have a ballpark figure to gauge offers on.

Let’s say you need to sell a distressed property in Tampa Bay. Your property is right on the coast and despite its poor condition, its location means that it potentially has a higher value than a property that’s inland.

Under these circumstances, before you sell your home as-is to a cash home buyer, get it valued. Knowing what your house is worth as-is puts you in a better position to sell. A genuine cash home buyer like Meli can make you an offer that is within the region of the valuation.

This makes the selling process faster as you won’t have to haggle to get the price you want. You can quickly strike a deal and get the property off your hands for a fair price.

Be Honest

To sell your house as-is fast, it’s best to be honest about its condition, even when you’re selling to a cash home buyer. Not sharing issues within the home and leaving them to be discovered before a sale is done may cause the buyer to lower or back out of their offer. If an issue comes up post-sale, you may face a lawsuit.

Delays and extra costs wouldn’t show up if you disclose everything about the condition of your property at the beginning. You might receive a lower offer, but if you are serious about selling fast, then a lower offer is better than no offer.

Choosing a Cash Home Buyer To Sell Fast

You want the highest offer possible when selling your home as-is. Genuine cash home buyers will offer you a fair price that reflects the condition of your property and its location. Your decision to sell to a cash home buyer in Florida should be based on their customer service record.

Meli is a reputable cash home buyer with excellent reviews, an extensive portfolio, and a solid understanding of the market. This is what you need to look for if you want to sell your distressed home as-is, fast.

When you work with a cash home buyer that understands the process and your circumstances, your deal will be agreed upon quicker. An experienced cash home buying company knows how to overcome any problems that may occur and won’t back out of a deal once they’ve committed to buying.

Partner with Meli Homes

Meli is your cash home buyer in Orlando, Melbourne, Tampa, and other regions of central Florida. To sell your home as-is for a competitive price, we make the process quick and easy. We can schedule a walk-through of your home within 24 hours, make you an offer and close on your property within 30 days.

To schedule a walk-through and receive a competitive offer, call, text, or contact us using our online contact form. 

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your situation. Please consult with your advisor when making legal or financial decisions.

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We handle distressed homes in Central Florida all the time. We know how difficult and overwhelming a distressed home situation can be, and over the years we’ve become experts at tackling some of the most difficult situations, including probate cases, squatters, hoarding cases, and more.

Regardless of your situation, we understand how out of control it can feel. Rather than losing your home or sleep over a seemingly impossible situation, we encourage you to reach out to our team to discuss your situation. There’s no cost to call us, and if your home is a good fit, we may extend an offer to you on your home. Learn more about how our process works here.

In this video, Evan recounts his experience working with a homeowner just a few months ago. This distressed home in Titusville was a difficult case, but very similar to many others we work with on a regular basis. The homeowner called about his property that he’d inherited from his father when he passed away. His brother had been living at the property and unfortunately passed away while at home.

He had been speaking with a lawyer who was charging him $200 an hour, and even though he figured he would need a probate case, he could not afford to continue speaking with the lawyer. He didn’t fully understand probate, so Evan took time to explain the process to help him get a better grasp on the situation.

His sister had worked with a realtor who appraised the home far more than Evan figured it was worth after inspecting the property. The homeowner had been negotiating with home buyers using this appraisal, and many home buyers agreed to it before they had seen the property. This happens often, as home buyers will tell the homeowner what they want to hear and renegotiate after they get the home under contract contingent on the inspection.

We do not condone these predatory practices at Meli, as they force homeowners into a situation where they are tied up in legal issues with the home buyer, who is now offering them far less than they initially offered. Depending on the situation, this can leave the home owner with no choice but to accept this offer – it’s a shady practice.

Meli will only offer you a contract once we have inspected the property to give you your final price. Once the contract is signed, you will receive the amount agreed upon – no hidden fees or closing costs.

Once Evan went to the home to inspect the property, he realized that the homeowner’s brother had passed away in the home, and his body was not found for a few weeks. Because of this, he wasn’t able to enter parts of the property for fear of breathing in toxins.

After inspecting the home, Evan came to the conclusion that there were several issues facing the property: they possibly needed to get a probate on the property in order to close, the property needed to be professionally cleaned to remove the biohazard, and it was a hoarder case with junk from one side of the property to the other.

Evan told the homeowner he would receive an offer the next day, but let him know it wouldn’t be nearly as high as the offers he had been receiving and explained why. Evan and a partner made a no-contingency offer to buy the property as-is.

As stated, he didn’t offer nearly as much as the competition, but Evan listened to the homeowner and was able to buy the home, allowing him to move on with his life. Evan worked with his lawyer to clear up the probate and worked with a local biohazard cleaning company, BioAway to clean up the property.

We work with distressed homeowners in Central Florida, and our mission is to get them out of a stressful, difficult housing situation as simply as possible.

Please don’t hesitate to reach out to us if you’re also facing a distressed housing situation. There’s no cost to talk with a member of our team, and we’ll help you find the right solution, even if it isn’t us.

For your ease, we have provided a transcript of the Q&A Recording.

Hey, this is Evan with Simple Sale Central Florida. Wanted to do a Q&A. We’re trying to do these every few weeks now to just answer some questions that we’ve seen, questions that were asked by clients that we work with. We have 10 or so questions. We’re just going to run through them and then at the end if there are any more questions feel free to type them into the chat. Here we go!

1. How do I know if my home is distressed?

Distressed doesn’t just mean that you’re in foreclosure. It can mean that you have excessive repairs on the property that maybe has excessive code violations that you owe on. It could be excessive repairs. There’s many different instances. It could even be that you just need to sell your house as soon as possible.

Typically those are the types of situations that we work with and if you are not really in one of those types of situations Simple Sale Central Florida may not be a good fit. More of a traditional route with a realtor – which we also do that as well – it’s just a different avenue for selling your home.

2. Can I sell my home if there is a judgment on it?

So… yes and no. You can definitely enter into the selling process. You can sign a contract, but when that judgment shows up on title, you’ll have to take care of that judgment, whatever it may be. If it’s a judgment for you owing money on a fine or something, that matter will have to be paid at closing or before closing in order to be able to close on the property.

So if the judgment isn’t taken care of, typically you aren’t going to be able to close on the property. You’re going to have to sell it subject to the judgment. In almost all scenarios we will not buy a property like that, but we will help you take care of the judgment before the close and make sure that the close goes smoothly.

3. I don’t know if I own the title to my home. Can I still sell it?

So in those types of situations, which we come across often, what we would do is enter into a contract on the property and then run a title search. In that title search, which comes back in a day or two, it will tell us if you actually own the home or if someone else owns the home that you don’t know, or maybe a family member that you don’t actually know of.

Even in those situations – we just closed on a property last week where the lady that was selling the property had multiple other people on title and she had no idea. But we still took care of it and found the solution and everyone walked away happy.

So yes, you can still sell it as long as we solve whatever title issues there may be on the property. So I wouldn’t let possible title issues keep you from entering into the selling process. I would continue to move forward and then address any issues that come up.

4. My sister and I both inherited our parent’s home. I want to sell it but she doesn’t. What can I do?

So currently there’s a property that we’re working on in which there are 7 people that own a home, and a couple of them don’t want to sell it. So there’s always a way to get the property sold, but you really want everyone to be on the same page.

If you have no choice and you need to sell your part of the inherited home as soon as possible there’s options like partition sales, which means you would go to a judge and say “I own one-half, she owns one-half she doesn’t want to sell but I do. She’s not talking with me about it. She won’t buy my half out. I want to move forward with the sale.”

It’s a very long process, probably at least 6 months. If the judge approves it, you’ll move forward on the sale of the property. But I would highly recommend not going that route. There’s always a solution for everybody.

If there are differences or whatever, it may be something you can figure out. Those differences come up in most every scenario that we’ve seen. You know, there’s always a solution if there’s some kind of relationship problem. There’s always a way to work out those problems and move forward where you don’t really need to get into litigation.

5. I inherited a home from a hoarder and don’t even know where to start.

So, depending upon the situation, you need to decide how involved you want to get with the property. If it’s not an emotional event for you, I would highly suggest just selling the hoarder’s property to a distressed home buyer. But if it is an emotional event however, if it’s just you or if it’s various people and you want to actually go through some of the stuff like valuables, and definitely if it was someone very close to you, I wouldn’t recommend just selling it immediately because you’re probably going to have seller’s remorse since there are a lot of emotions involved, especially if it’s a parent.

If the previous owner has no ties to you, I honestly would just sell it to a distressed home buyer that’s experienced in things like that and try not to worry about it too much. It really just depends upon whatever your situation may be is how I would really approach it.

6. Can I do anything if my home is going to be foreclosed on in the next two weeks?

You can absolutely sell your home facing foreclosure. So in those types of situations if, for example, you approach Simple Sale Central Florida and said “I’m foreclosing in a couple weeks,” what we would do is get a contract and we would end up filing that with a judge, saying that the property is being sold. That would hold off the sale until the closing of the property.

A lot of people don’t know that, that you can usually do that up until just a couple days before if you can get it filed and show that you’re selling it. The judge will typically push back that foreclosure auction and you can close on the property and then you don’t have to worry about it.

There’s also other options. You can file for bankruptcy. I’ve seen that a lot, where someone doesn’t want to get rid of the house, they need to but they really don’t want to and they can file. Filing for bankruptcy will put off the foreclosure as well. It really depends upon your situation, but there are multiple options that you can choose that will keep off the foreclosure.

I would not suggest doing something just to delay the inevitable. I’ve seen people file for bankruptcy and not actually go into bankruptcy, and then you have a judge that isn’t very happy with you because you didn’t perform on what you said you were going to. So yes, absolutely you can sell it which would hold off foreclosure and you wouldn’t lose it at auction, or you can file for bankruptcy there may be even other options but nothing else that I’m aware of.

7. There was some unpermitted work done on our house, can we still sell it?

You can absolutely sell it. Typically it is going to be difficult to get a mortgage on a property with unpermitted work, so it depends upon how obvious the unpermitted work is. Something very minor, probably no one is going to notice, but if it’s a whole addition to a house there’s a good chance that you’re not going to be able to get a mortgage on it. Then you would typically have to sell it to a cash home buyer, someone who’s going to pay cash for the property and take on the risk of that unpermitted work and then take out a permit and then getting the work approved.

But you can absolutely still sell it. A lot of people don’t know that you can take a property where the county or the city may not know that half the property exists and sell it to someone for cash and then let them deal with it. We’ve dealt with situations like that.

8. What if there are tenants in the house? Can I still sell it?

So, over the last month or so maybe a couple of months we’ve had some situations where we bought properties that do have tenants in them or squatters. People that may have never paid rent to begin with and in those types of situations you can absolutely still sell them. You really don’t have to do anything with the tenants just let the buyer figure out the situation with them.

I had a situation in Tampa a couple of months ago. The property had, at the time of closing, 6 squatters in the house and they were not tenants. They were kind of hanging out with the previous tenant, the previous tenant moved out and they just decided to stay. The seller just wanted to get out of the situation because they were taking advantage of her, so we bought the property and we worked with the squatters and everyone walked away without any litigation. So you can absolutely sell the property and let the buyer deal with it.

9. Do you buy mobile homes?

That’s a very common question. We do not just buy mobile homes, we only buy mobile homes if there’s deeded land attached. So that means you own the land under the mobile home If you don’t own the land under the mobile home we really are not interested in buying those there’s probably someone out there that would but it’s not what our company does.

So if you have a mobile home that’s distressed and it does have land under it we are interested in looking at it. But as far as just the mobile home where we’d have to haul the mobile home off the lot or pay the lot fee we’re not really interested in taking that on.

10. Do you buy land with code violations or liens?

Yes we do. We’ve had situations where we’ve worked with people to tried to take care of code violations and liens on empty lots where there were significant liens and code violations. There were so many that we couldn’t actually get it figured out before the sale. I think they actually sold. But we absolutely do.

Land is a similar asset to a home. It does have value and you can sell it to someone. Typically it is going to be someone that will buy for cash that wants to then build on it but we will absolutely work with you on empty lots or even acreages of land with code violations or liens.

11. Will you work with me if I already have a Realtor?

Quite often when someone has a realtor, they will end up reaching out and wanting to discuss their property. I may find out in the process that they have a realtor that they’re obligated to pay commission to.

So we will, but if you already have a realtor, more than likely you’re not in a distressed property situation. In those situations if you are looking for someone to buy your house and you have a Realtor – that’s their job, they should be reaching out because they’re earning their commission. I would seriously consider finding another Realtor, but we will absolutely work with them. Without a doubt we have worked with people who have Realtors in the past and had good experiences so that’s definitely not a deterrent at all on our end.

Wrapping Up

So I think that was 11 or 12 questions there. Really want to see if anybody on stream has any questions at all. I don’t think I see any but if you do now’s the time.

If not, I think that kind of concludes our Q&A and, like I said, we’re now doing this every few weeks so we’ll be back in a few weeks with some more interesting questions. We’ll try to mix it up a little bit more next time.

I meant to say we’re available through Facebook, through LinkedIn, through our website, of course – simplesalecentralflorida.com. So we’re always available to talk about any distressed home issues you have, or if you have a family member. If you are a Realtor we now have a place for you to submit clients.

So there’s plenty of ways to reach out to us. Like I said Facebook, LinkedIn and the website in which, you know, if you have questions. feel free to ask. I would say a decent percentage of people that come to us are not looking to sell, they’re just looking to have a discussion to see if they want to sell or need to sell and we’re absolutely happy to answer those questions for you.

So, I think that’s it. Appreciate you all for coming on and, like I said, if you have any questions feel free to reach out on simplesalecentralflorida.com. Thank you!

If you’re looking to cash out on your distressed home, there are pros and cons of selling your house as-is. Selling your distressed home as-is can be the easiest option because you won’t have to make repairs to your home. However, there are some things you need to be aware of when selling your house in its current condition.

What Does Selling As-Is Mean?

Before diving into the pros and cons of selling your house as-is, understand that selling as-is means selling your home in its current condition without making any repairs. The buyer purchases your property complete with all its faults.

Under Florida law, you are legally required to disclose any defects your home has. This is mandatory, even if a buyer does not ask about your home’s faults.

For instance, if you sell your home to a private cash home buyer in Tampa Bay, the buyer should sign paperwork affirming that the house’s condition was disclosed before purchase. Both parties should be forthcoming about the as-is nature of the house sale.

Unfortunately, many homeowners selling property as-is get the impression that they do not have to abide by the general obligations associated with selling houses. Even if it’s understood that you’re selling a distressed home, you must disclose the particular faults and defects of your home before making the sale.

Pros of Selling Your House As-Is 

The simplicity of selling your home as-is makes it an attractive option for distressed homeowners looking to make a manageable sale.

1. Sell Fast 

Sometimes, people get a property they don’t want to maintain or may have to move on short notice. If that’s the cast, you probably won’t have much time to renovate or repair your property. Instead, you might choose to sell your property to a cash home buyer, fast.

For example, if you decide to sell to a cash home buyer in Orlando, the buyer will purchase your property in its current condition and make a fair offer based on the renovation work that’s needed. This way, you can get the property off your hands quickly, without the headache of renovations. Plus, you may even earn a lump sum to put toward relocating.

You’ll be able to avoid selling on the open housing market, which can be time-consuming, costly, and a hassle if you have major repairs like water damage and mold.

2. Settle Debts 

If you’re in a difficult financial situation and unable to afford your mortgage payments, you could be facing foreclosure. If the bank repossesses your home, you’re left with nothing. Selling your home as-is gives you a fast way to generate cash to settle some of the debts you’ve accrued.

Selling your home as-is helps you avoid making expensive repairs that are necessary to get a good deal on the open housing market.

3. Get Inherited Property Off Your Hands 

If you inherit a property that’s dilapidated and you lack the funds or energy to make repairs, selling the property as-is to a cash home buyer is a fantastic option. This helps you avoid the hassle and inconvenience of trying to bring the property up to a sellable standard.

If you decide to sell to a cash home buyer in Melbourne, you’ll get a fair offer based on the condition of the house, putting cash in your bank account that you can invest elsewhere.

Cons of Selling Your House As-Is 

As with any selling method, selling as-is comes with some disadvantages.

1. Less Than Market Value 

Expect to get offers that are less than market value for your home. Any offer made by a buyer will almost definitely factor in the cost of the work needed to make your home viable for resale or living in.

The amount of money you’ll lose when selling your home as-is will depend on various amounts of things. These things include the state of the property, the cost of repairs, and more.

2. Limited Buyer Pool 

Selling a home as-is will set off alarm bells for a lot of home buyers. They won’t be able to get beyond the idea that there is something majorly wrong with the property, meaning they’ll have to invest heavily in repairs after making the initial purchase. This can drive buyers away or lead to ridiculously low offers.

This generally limits your buyer pool to investors on the open market, which means you’ll have to target a specific market to find the right buyer for your home.

3. Harder to Sell 

A limited buyer pool means that your home will be harder to sell on the open market. If you decide to list your property with a realtor, you and your agent will have to work doubly hard to convince people that your home is worth a fair price.

Selling your home as-is can create trust issues, as a buyer will automatically assume you’re trying to hide something.

Sell to a Cash Home Buyer in Florida

There are several pros and cons of selling your house as-is. The cons tend to be associated with listing your property on the open market.

However, selling your home as-is to a cash home buyer in Florida offers many benefits. Most cash home buyers purchase properties in any condition and offer quick transactions and greater security around the financing. All of this is ideal if you need to offload a property fast.

It’s important that you work with a reputable cash home buyer with a portfolio of buying homes as-is. Make sure you do your research, get references, and check reviews if you decide to sell to a cash home buying company.

Before anything else, get your home valued. When entering into negotiations with a cash home buyer, knowing the value of your property as-is will give you an indication of whether the buyer is making a fair offer.

Sell to Meli Homes

If you’ve unsuccessfully tried to sell your property as-is on the open market, consider selling to Meli Homes. Whatever your circumstances, we will make a fair offer on your property in any condition.

We are your trusted cash home buyers in Florida, and we offer many benefits: we’re willing to make deals to let you stay in your home a few days after closing, and we offer incentives for sellers who schedule walkthroughs within 48 hours. To get an offer on your as-is home, call us at (407) 338-4183 or fill out our contact form.

This article is meant for informational purposes only and is not intended to be construed as financial, tax, legal, real estate, insurance, or investment advice. Meli encourages you to reach out to an advisor regarding your own situation. Please consult with your advisor when making legal or financial decisions.

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