HOW TO SELL A HOUSE WITH A LIEN
Looking to sell your house with a lien on it? We’ll buy it. Are you ready to sell off your house but having difficulties? If your answer to that question is yes, then you’re not alone. However, it becomes harder when it’s more than getting buyers. A lien can add more bricks to the already heavy weight on ground. But selling a house with a lien is still very much possible and lucky for you, you’re at the right place.
A lien is any claim a body, the government or any private person has over your house due to your inability/lack of making payments for services rendered, or it could be for breaking the rules of your neighborhood. A lien can drawback and frustrated your efforts to sell off your house.
The popular types of liens include:
- Mortgage liens
The lender – a bank or any other lender – that borrowed you money for building your property can put a lien on your house when you fail to make payments. Mortgage liens are the most common type. Right from when you borrowed this money, either from a primary or secondary holder, a lien is already placed on your property. It goes away only when you may have paid back the full mortgage.
- Rule-breaking lien
If you fail to abide by a rule in your neighborhood, the house owners in that neighborhood can lay a claim on your property. You’ll be required to make a payment for breaking a rule before the claim can be lifted off.
- IRS Lien
If you have in the past failed to pay a federal tax, the Internal Revenue Service can lay a claim on your property. This kind of lien is usually one of the hardest to lift out. To quicken your sale, you would likely need a lawyer.
A workman can place a lien on your house if you fail to pay him/her the wages for the services rendered. A person who has worked on the construction of the is allowed by the law to lay such claim if there is no payment. Also, it could be for the failure of paying state tax or property tax.
Before putting your house for sale, make sure you clear all of your liens. Without doing so, most of your potential buyers would be scared off. So, pay up your debts and if you feel that there is an unwarranted claim on your property, you can get a lawyer to help you dispute it.
If you still intend to sell your house with a lien on it, then there are a few steps that you must follow. First, you must know about all the claims on your property and figure out a plan to pay them. Paying them might be after you have made your sale – you can lay them from the proceeds of your sale -. Get a real estate investor and draw out a deal with the person/body you’re owing. This payment will be deducted immediately after the investor might have purchased your house.
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