Feel free to message me on here, or give me a call if you have any further questions.
You can appeal your tax assessment. The price opion can help you to do that as well. Also, depending on age, you may be elligible for a lower property tax rate.
Let me know if I can help.
Realtor / Broker
PDS Real Estate
most likely not get your money back, but sell the property..... So in other words it truly all depends on the surrounding market, the location, lot size, condition of home, repairs needed in $, and what the home could
potentially sell for, or what the house as is and land could sell for????
A local Realtor will be able to advise you best.
Good Luck to you.... and a Happy 2012
Edith YourRealtor4Life! and Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients... Buyers, Sellers and Investors alike
Edith will go the Xtra Mile with a Smile for her clients.... always
"Seller Finance Option" You enter into a legal contract and sell the property to an investor or contractor. You require a substantial down payment (10%) and then the contractor will renovate the property and sell it. Once sold they will pay you the rest of the amount and close the transactions. During the renovation period you receive payments including interest. Normally two or three months later you are paid the remaining balance and the transaction is closed. If they cannot sell the property or pay you the remaining balance by the end of the financing period you now have a renovated property, have received a 10% payment in advance and monthly payments.
Renovating it yourself would depend on your financial position, amount of work needed and if it's going to make you more money than selling it outright as is. If your going to go through the effort there should be some reward.
Selling may be the easiest and fastest way to transition from owning this property but if the property needs much work buyers will be wanting a considerable discount so you may be looking at a loss depending on your investment thus far.
I have the same property tax problem for a property I own in Idaho. I'm not an Idaho resident so they double my property taxes. It's still a worthwhile investment because I make enough income on rent to cover expenses and it's a great tax write off because I visit Idaho frequently. If your property taxes have increased recently it's very likely you can challenge them and have them lowered. Property values have decreased for several years now so appealing them should be fairly easy. http://tax.utah.gov/forms/pubs/pub-31.pdf
Contact me anytime!
801 706 5415
There are a few questions that will change the way I might answer this question, here are a few to start...
1) What is the extent of dis-repair?
2) What is your current equity position?
3) Is the home occupied or rented?
4) Would you consider hiring and paying a general contractor to finish the work before marketing?
5) Have you considered offering the home for sale with a Lease option or Seller Financing?
6) Are you current on the payment, If so are you facing imminent default? If not how far behind are you?
There is a lot that goes into the valuation and marketing a home for sale in today's volatile market.
As far as Property Tax relief, there may be some short term options available. Maybe it is best to explore liquidating the asset altogether?
Please feel free to call me anytime to get information more specific to your needs.
Kristopher Furrow, REALTOR
-Associate Broker, CRS, ePRO
Windermere Real Estate - UTAH
Salt Lake City and Park City
2348 South Foothill Drive
Salt Lake City Utah, 84109