Our Guide to Selling a House with a Lien
If you’ve ever tried selling a house with a lien, you realize this can be a significant obstacle. By learning how to sell a house with a lien, you can act quickly. You might be able to make a sale before it’s too late.
Understanding the Problem of Selling A House With A Lien
A lien is a claim for your property. The claim occurs when you owe money to someone else, and you fail to pay them.
Failing to pay off your debt can result in a lien on your home. Once this occurs, your credit can plummet. It can also make selling your home very difficult. Few buyers are willing to purchase a house with a lien on it.
Buying a house with a lien requires the buyer to deal with your baggage. Often, a buyer would rather buy a different home than deal with the trouble.
Selling a House With A Lien: Learning About the Different Types of Liens
There are several types of liens. Each category can affect you in different ways. If you want to know how to sell a house with a lien, you need to learn about the various liens.
1. Mortgage Liens
This type of lien is rather common. When you get a mortgage, your lender becomes the lien holder. Failing to pay your mortgage could result in a lien on your home.
Mortgage liens also apply to second mortgages and home equity loans. If you miss payments, then the lender could take out a lien on your property.
2. Tax Liens
You could have a lien on your property that has nothing to do with your mortgage. If you don’t pay your property taxes, then a business could issue a lien against you.
3. Contractor or Electrician Liens
If you owe money to contractors or electricians, then you are at risk for a lien. The businesses could take out a lien, and you could put your home at risk.
Does Your Home Have a Lien on It?
You could have a lien on your home without the knowledge of it. Unfortunately for some homeowners, it is possible for a creditor to file a lien against you without telling you.
The only way to know whether or not your home has a lien on it is to search. To look for liens, head to your county clerk’s website. They allow you to search for liens on properties.
If you still have questions, then you can contact someone from the county clerk’s office. An employee can answer your questions and help you determine the status of your property.
There are different types of liens. If you want to know which liens prevent your home from selling, you should speak to a title professional. A professional can look at records from a database and get you all the information you need.
How to Sell a House with a Lien
Although it’s not easy to sell a house with a lien, it is possible. Here are a few ways that you can make a quick sale:
1. Find Out if There are any Exemptions
Some situations could call for an exemption. Before you try to sell your home with a lien, find out if you are exempt.
Every state has different laws regarding exemptions. For example, Texas has a homestead exemption. Thanks to homestead laws, no one can force you to sell your home to pay off property debts.
As long as your Texas home is your primary residence, you could qualify for an exemption. The law makes it much easier for you to sell your property with a lien.
2. Determine if the Lien is Still Valid
In some situations, a contractor fails to remove a lien after he receives your payments. Check your lien. If it is not still valid, then fight to remove it from your title.
It’s important that you act quickly. The longer you wait to remove the lien, the less chance you have of selling.
3. Find Out How Much You Owe
Before you sell your home, you need to know how much money you owe. Your lien holder will receive some of the money from your home’s sale.
If you go through with the sale of your home, you should consider if it’s worth the effort. You might not get much money after the purchase. Do the math and determine how much money you would get from the sale.
4. Decide How to Sell the Home
There are a few ways in which you can sell your home. However, some options are better than others. You could try to sell the house on your own. But that could cause some problems.
If you sell the home on your own, you don’t have help from an expert. You might not be able to negotiate the challenges of selling a house with a lien.
Another option is to reach out to a real estate agent. An agent has experience with liens and can help you through the process. However, using a realtor could put less money in your pocket.
You could choose to work directly with a buyer who focuses on buying houses quickly. When you work with a buyer, you can sell your home quickly. You also don’t need to worry about navigating the selling process alone.
Get in Touch with Us
Are you tired of struggling to find someone to buy your home? Confused about how to sell a house with a lien? You don’t need to go through the process alone.
When you work with Houston area home buyers, you can sell your home quickly. We buy property when others won’t. Whether or not you have a lien, we’ll consider making you an offer.
The longer you wait to sell your property, the less likely it is that you will sell it. Don’t let your chance to sell slip away. Instead, click here and work with us.
If you’re trying to sell your home, a lien can be a significant obstacle. Selling a house with a lien can be done if you act quickly and decisively. You might be able to make a sale before it’s too late.