When you sell your home, the closing attorney will perform a title search, which will retrieve all the existing liens that are tied to the property. Liens sometimes can cause delay to closings since they have to dealt with completely before title ownership can be transferred from you to the buyer. A lien is legal instrument used to record monies owed by you to a lien holder. For example, if you use a contractor to do renovations to your house and don’t pay them after work being completed, the contractor can file a lien against the house. This way the contractor’s lien would have to be paid off before you can legally sell your house.
Not all liens are being treated equal. If you have multiple liens on your property, they will be assigned priorities, also known as positions. Higher position liens will be paid off first, and then lower position liens can only be paid if there is enough leftover proceeds. The complexity of liens can make the house selling process seems overwhelming, but continue to read the article to determine how to sell a house with liens in Augusta.
Consensual Liens
There are two types of consensual liens (also a.k.a voluntary liens). The first type is a “purchase” type lien, where the lien holder fund a purchase that you make and then put the lien of said purchase. This is used when you apply for a mortgage to buy a house. The second type of consensual liens is a “non-purchase” type, meaning that the lien won’t tie to a new purchase that you’re going to make. Instead, it works like a second mortgage where the lien will be tied to the existing asset that you have. With either types of liens, the lender can legally take back possession of the house if you stop making payments to the lien. This is also known as the foreclosure process. Sell a house with liens in Augusta wouldn’t be complicated if the all your liens are consensual. This is because consensual liens are very common in the US, and experienced house buyers like HBI Home Solutions should know how to help you navigate them.
Non-Consensual Liens
Enacted by operation of law or statute, statutory liens are non-consensual or involuntary and are typically tax-related, giving the creditor secured interest on a property. The creditor may pursue the secured interest and have the property sold. Liens that result from court proceedings from a lawsuit from an individual or company filing a claim are known as judgment liens. Ultimately, if the borrower fails to fulfill the loan terms, this type of lien allows the creditor to take the property’s title and sell a house with liens in Augusta.
Creditors who seek repayment file the lien against a property and receive a payment if the property sells or, in some cases, a creditor can seize the property and sell a house with liens in Augusta to recover the debt. If you cannot repay the debt, you may find you’d be better positioned financially in the future by taking steps now.
Pay Off Your Liens
You could sell a house with liens in Augusta on your terms before further action by the creditor and thereby arrange to pay off or resolve the debt on your terms. When you work with HBI Home Solutions, we can help you strategize paying off your liens in the ways that are most beneficial to you. Surprisingly to many people, not all liens need to be paid off in full. A qualified buyer such as HBI Home Solutions will be able to help you negotiate the amounts and terms of some of the liens. This could result in potentially you saving tens of thousands of dollars.
To remove a lien from the property after paying if off, you would need to obtain a release-of-lien form. This form would be filled out, notarized, and officially recorded at the county office. You would be charged filing fees at the county office, but it’s necessary to make the lien paid off official and public. For federal tax liens, you will receive a release notice after you pay them off. You will then take the release notice to your county office to officially get the lien off your property record. It can be daunting to remember all the details, but as long as you work with HBI Home Solutions, we will guide you through all the steps by steps and assure every box is being checked.
Sell Directly to HBI Home Solutions
If you find yourself short on money, time, or the patience necessary to deal with the hassles of listing and showings, call HBI Home Solutions instead – we can help. The professional investors at HBI Home Solutions have helped other homeowners just like you overcome the hurdles that liens can throw at you; we’re happy to answer any questions you have about a direct sale and help ease your mind of any concerns. Selling directly to HBI Home Solutions means you can get the house off your book and cash in your hands as smooth as possible. We can close as quickly as you want or give you ample time to prepare your schedule if you wish. Unlike real estate agents, we don’t charge any commissions or fees. We also pay for all the closing costs, so you will know exactly how much you are netting at closing from day 1. At HBI Home Solutions, we will lay out the numbers side by side so you will know what the property would sell for through listing and all of the costs you would face by selling on your own. Then, we will detail our offer, allowing you to understand the numbers for yourself to see the offer is fair. The pros at HBI Home Solutions are your neighbors who live and work here in Augusta; therefore, we take every step to ensure you feel good about the deal from the first time we speak until long after closing.
Save time, save money and make the process easy on yourself by working with HBI Home Solutions to sell a house with liens in Augusta and walk away from the closing with cash in hand. Contact [company] at (706) 389-5419.