When it comes to selling a home, most individuals are concerned about two things: receiving the most money for their property and selling it promptly. Of course, learning how to sell your home quickly and for a good price might be difficult. Even if you find the right buyer for your home and get to the closing table, there are still a few factors that can stop you from selling it, such as a debt. You’re not alone in wondering if you can sell your house with a lien on it.
You can already proceed with the sale of the house as long as you can clear the lien on your end. Some people are willing to take a chance on a house with a lien as long as the cost of the lien does not surpass the house’s value. There are also investors that buy houses. They’d be willing to take a chance, especially if the property is in a desirable location. They will be more than happy to buy the house if they believe it, is a smart investment.
Look for any liens
There’s a good chance you have liens against your home that you’re not aware of. Liens can be placed on your property by a variety of claimants, most of whom feel you owe them money. If you don’t do your homework and uncover active liens on your property, you can be in for a nasty surprise when it comes time to seal the transaction. It’s likely that your home has liens that aren’t current or accurate. If you’ve reached an agreement with your creditor, it’s up to them to remove the lien, indicating that your financial obligation has been met.
Taking care of liens
Although it is possible to sell a house with active liens, there is a good chance that potential purchasers will be turned off. Some liens are regular and routine, such as the one your home lender may charge with your mortgage. However, if you have odd liens, the property buyer is more likely to refuse to take on the obligation and look for another home. In light of this, it’s critical to clear any liens on your house before selling it on the open market to increase your chances of a successful closing.
Objecting to a Lien
There are times when an inappropriate lien is filed on your property, despite the fact that it is a lawful claim. There are three main things to examine if you are certain that a lien claim is incorrect: Dispute the lien as soon as possible using statutorily prescribed procedures, full-fledged litigation, or demand against the claimant. Request that the claimant files a lawsuit to ensure that the lien is cleared sooner. Wait for it if you are not in a hurry.
You can already proceed with the sale of the house if you can discharge the lien on your end. Some people are willing to take a chance on a house with a lien if the cost of the lien does not surpass the house’s value.