Should the process of a title search reveal existing liens, it can certainly clog up the gears on the sale of your home. A lien is a legal notice of an unpaid debt. For example, suppose you feel the claim details are incorrect or that the creditor filed the lien on your property in error. In that case, an attorney can assist you in researching the history and helping you negotiate for final payment if the debt is valid. However, it is a process and will take some time.
Liens also have different priority levels against the debt, and when the property sells, the order of the highest priority lien determines the order of payment. While not always applicable, the date filed determines repayment priority. Understanding which type of lien is on the property can make handling the lien a bit less overwhelming. Read on to explore liens and how to sell a house with liens in Fort Worth.
Consensual Liens
There are two types of consensual or voluntary liens. The lender can take possession of the property with either kind of lien, known as foreclosure, and ends in an auction to sell a house with liens in Fort Worth. The first is a purchase-money security interest lien, such as a mortgage wherein the asset used to purchase a home is the subject of the loan. The other type of consensual lien is the non-purchase-money security interest, such as a second mortgage, wherein the debtor utilizes the property as security for a cash loan.
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 Fort Worth.
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 Fort Worth 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 Fort Worth on your terms before further action by the creditor and thereby arrange to pay off or resolve the debt on your terms. Because existing liens can complicate the process, it’s beneficial to work with a pro experienced in these listings, like the professional investors at Texas Best Home Buyers. When you pay off the debt, you need to request a release-of-lien form from the lender, a local attorney, or your local government. This form will need to be notarized and filed with the county recorder. You should be aware there may be filing fees associated with the process, which makes the release of the lien public information. If you’re paying off a federal tax lien, when paid in full, the IRS will provide you with the release of the notice, which you will forward to the county to remove the lien.
What If I Have a Lien and Want to Sell?
If you’re able to pay the debt and have the lien released or cleared before listing and or selling, it might give you more options for selling your property. But if you don’t have the money to pay for the lien it is possible to sell the property and use the money from the sale to pay off the lien. Technically you could sell the property with a lien, but you want to get a title policy and a title policy will not be issued if you have a lien. Therefore, to sell the property on the MLS, the lien would have to be paid at or before closing. In other words, the sales price would have to be enough to cover the lien and pay off the lender. It is possible that you may be able to negotiate a lower payoff with the lender. That is something worth looking into.
Sell Directly to Texas Best Home Buyers
If you find yourself short on money, time, or the patience necessary to deal with the hassles of listing and showings, call Texas Best Home Buyers instead – we can help. The professional investors at Texas Best Home Buyers 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. A direct sale to Texas Best Home Buyers is a quick process; your closing could be in a matter of days or slightly delayed if you need just a little more time to move. The professional investors at Texas Best Home Buyers don’t charge commissions, and there are no hidden fees in our straightforward contracts; you won’t even pay closing costs. At Texas Best Home Buyers, 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 Texas Best Home Buyers are your neighbors who live and work here in Fort Worth; 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 Texas Best Home Buyers to sell a house with liens in Fort Worth and walk away from the closing with cash in hand. Contact [company] at (817) 808-4911.
Fort Worth area home owners work with us for many reasons including convenience, speed and less hassle whether you are selling the traditional route of listing on the multiple listing service or selling to an investor for cash.
At Texas Best Homebuyers we have more than 25 years of experience in real estate and we are local to North Richland Hills, Fort Worth and surrounding areas. We love solving real estate problems and would be happy to talk with you about your current real estate situation.
Texas Best Homebuyers can help you come up with a plan to resolve any liens you may have and help you sell your property either the traditional route through the MLS or through a direct sale. We will provide you with information on all your options, so you’ll be empowered to make the best decision possible.
For more information on how you can sell your house quickly for cash in Fort Worth TX, call us today at (817) 808-4911 and one of our local representatives will contact you right away or you can simply fill out our online form and we’ll get back to you promptly. We look forward to speaking with you.