Buying a Home - Learning about Liens
Part of a Realtors' job description is protecting their clients. In fact, you could say it's the biggest and most important part of our job. I'd like to talk about liens and how they come into play with buying a home.
There all kinds of liens you can run into if you're in the market to buy a home. A seller may still list their home, even if they have a lien on it, and payoff of the lien becomes negotiable. Liens can be filed for unpaid services like a mechanic's lien for work or services that have not been payed for, or tax liens for unpaid back taxes.
Perhaps a buyer and seller may agree to meet half way in paying off a lien depending on the size and amount and the agreed upon sales price of the home. Buyers and sellers may agree to work together and split the cost, the seller may pay all at closing or the buyer may pay all. A Realtor may advise their client, for instance, to offer $2,000 less on the asking price in exchange for paying off the lien, maintaining their out of pocket expense and provide the seller with a potentially much needed offer.
Liens are uncovered with a title search in an effort to make sure the title is clear of any defects, but just because a home has a lien on it is no reason to walk away if you really want the home. Explore the options with your Realtor and determine what you're will do to and what you'll want in exchange for your assistance in clearing up the lien. Some lenders have preferred title companies they use, and other lenders are open to you choosing your a title company and Realtors can also make good recommendations.
Hope this answers any questions you may have about liens in your buying a home mission. If you need a Realtor in the Greater Dayton Area, I'm your gal with over 20 years of experience and a wealth of knowledge, I'll help you find and buy that perfect home.
Juanita Limes - Your Greater Dayton Area Ohio Realtor - Give me a shout for all your real estate needs,
937-776-6903 or just email me.