Can You Sell A House With A Lien On It? Tips From Home Buyers
One of the more frequent hurdles in selling homes these days is when people ask if they can sell a house with a lien on it ?’ The short answer to this question is – yes. A house can be sold when there is a lien or judgment on the property. However, when there is a lien on the house, the steps to this process can be confusing and rather frustrating for people in this precarious position.
Traditionally, liens on any property are paid by a closing attorney who represents the seller based on the money that the buyers have purchased the property. Most of the time people will figure in the cost of the lien into the total purchase price of the property. The negative result of this is that the property value doesn’t quite match up to the amount being asked for purchase. And as such, many of these type of sales tend to take longer periods of time to find that perfect buyer who will pay more than the house is actually worth.
But in today’s housing market, there are many people in this situation. Whether they have releases of liens that have not been filed, judgments from creditors or bankruptcy hearings and other financial restrictions placed on the property. However, there are few things that can be done if the house is a homestead that will allow home sellers in this situation to sell houses by having some judgments dismissed or having to pay reduced releases on the lien.
3 Steps to Follow When Selling A House With A Lien
1. Do some research on property value.
In Texas, real estate agents are not required to give you property value unless you sign a contract with them. In no circumstances should you sign a contract with a real estate agent if you’re trying to sell a home with a lien. You’re already going to have to lose a large portion of your profits – so why pay a real estate agent and closing company as well? (To find out more about how much your house is worth, check out this article .)
2. Determine the price of listing with Lien and fees.
Figure out the price of the listing with
an agent and the cost of paying lien fees, closing costs and any additional expenses. The fact is that when you’re selling a house with a lien, you’re most likely going to take a tremendous loss on the value of the home. This can and usually is increased when you hire a real estate agent, pay for closing costs, paying additional fees for home repairs, new carpet, and additional expenses.
3. Consider working with a company that deals with as is properties.
Research and find a company that handles as is properties and will help you reduce the liens and judgments of the sales. Believe it or not, there are a few reliable and trustworthy companies like this who will purchase homes and provide their owners with a quick and market-value sell of their property without collecting huge percentages of their profits. (To find out more about how we work with sellers who have liens, click here. )
When you’re in the position of having to sell a house with a lien. the best advice we can give is to look at all your options, never rush into it, and find the best option that will provide you a quick sell and minimize your financial losses. If you want more facts about how we help sellers who have liens on their homes, you can give our friendly staff a call at 713-909-4119 or visit our FAQ page to get more information.
Resolving the Lien
In many cases, the liens can be paid with the proceeds from the house as long as there is equity in the house.
Big State Home Buyers helps our clients through this process at little or no out-of-pocket cost to them.Call us for more information! 713-909-4119
Real estate investor and entrepreneur, Brian Spitz, has become one of Houston’s leading real estate investors. Brian’s company, Big State Home Buyers, has helped hundreds of sellers to avoid paying a commission to a realtor and clean up their property. He has also given assistance in situations where a home is inherited and not wanted. Brian provides professional service to anyone who may need to sell a home fast and is always willing to provide a free estimate. Contact Brian at Big State Home Buyers for more information.Source: www.bigstatehomebuyers.com