If you are wondering if it’s possible to sell a home with a lien on it, the answer is, “yes.” Even though their is a judgement on the property, you can still sell the house. But when a house has a lien on it, the steps to selling the house can be confusing and also agitate the person who is trying to sell the home.
Usually a closing attorney representing the seller pays for liens on a property from the money a homebuyer has used to purchase the property. This is why if their is a lien on a property, that the cost of the lien is figured into the total price of the property. As you can imagine, any property with a lien on it doesn’t have a property value that matches up with the property’s asking price.. This is why it often takes much longer for a property with a lien on it to sell, because it’s necessary to find just the right type of homebuyer who will pay more for the house than it’s worth.
In today’s market, a lot of people are dealing with liens. Sometimes people who are dealing with liens have judgments from bankruptcy hearings and some people have releases of liens that have not been filed. They also may have other financial restrictions placed on their property. So, selling a house with a lien can be challenging, but there are some steps you can take to sell your house with a lien:
1) Research the property’s value
Real estate agents in the state of Texas aren’t required to disclose a property’s value unless they get you under contract. If you’re trying to sell your home with a lien, you should not sign a contract with a real estate agent because you are already going to profit less from the home because of the lien it has on it. Researching your home’s value will include taking into consideration the neighborhood you live in and any upgrades you’ve made on the home.
2) Decide the listing price along with the lien and other fees
Find out how much it will cost to list the home with an agent and what the closing costs will be, and figure out how much it is going to cost you to pay for the lien fees and how much any additional expenses will cost. Just keep it mind how important it is for you to be realistic about how much of a profit you are expecting to make because houses with liens really cut into how much money you’ll get from selling the home. Also, don’t forget to factor in other expenses such as home repairs, hiring a real estate agent, and paying for closing costs.
3) Talk to a company who works with properties that are “as is”
Do your research and find a reputable company that deals with “as is” properties so that you can have help decreasing the liens on the property and the judgments of the sales. A reputable
company should give you a quick marketvalue sell of the property without trying to take all of your profits.
If you find yourself in the unfortunate position of having to deal with a property that has a lien on it, the best thing that you can do is research your options without rushing into a decision. Take the time to find the best option that allows you to sell the home quickly with the most profit.
123soldfast helps distressed homeowners who have liens on their properties, and we offer hassel reduction services for free of charge! For more information on how we can help, please give us a call at 713-322-3861.