I am looking at buying a house in forecloser and it have two liens on it. Who has to foot for the leins. If I pay the asking price do I want to pay for the liens also.
Answers: No.
You are paying for the house, the money they bring back for the house will pay for it. And if it is not the amount of the lien consequently they either suck it up and procure what they can, or they would go after the character that actually owed the money.The title company have to make sure the home is lien free. The home must stir to you free and clear. If they miss something, and you already bought it, they would be responsible. That is their purpose.
Post foreclosure (after it has be foreclosed on and is owned by the bank) or pre foreclosure (going thru the process but process isn't finished and you are buying from the owner).
If its pre foreclosure you will need to address these liens. I'd suggest going to the lien holders and offering them a small cog of the amount owed (like 10%, but you can negotiate higher if you want). Tell them that 10% (or whatever) is better than nought and nothing is what they will gain after the foreclosure process.
If it is post foreclosure, the foreclosure process wipes out adjectives liens. Just get title insurance (in crust something odd comes up) and don't verbs about them.
This is something you should discuss beside either a legal representative or a real estate agent. In most cases, the guard that is foreclosing have first position (their lien takes priority over adjectives others) and when the foreclose, the liens are removed. However there are indisputable types of liens that can take precedence. Your query cannot be answered without knowing the law of your state and the types of liens on the property. what state are the liens located ? liens can become very profitable if you work the operate right .
Let me know what state and county you are in and i can better relief you as to what the laws are contained by that area.
You're not going to know how to get a clear title to the house if at hand are outstanding liens. Most likely you'll be responsibe for them so work them into the purchase price of the house. you reward the liens
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Answers: No.
You are paying for the house, the money they bring back for the house will pay for it. And if it is not the amount of the lien consequently they either suck it up and procure what they can, or they would go after the character that actually owed the money.The title company have to make sure the home is lien free. The home must stir to you free and clear. If they miss something, and you already bought it, they would be responsible. That is their purpose.
"a house worth 123,500 be assessed for 4/5 of its pro.What be the assessed expediency of the hous?
Post foreclosure (after it has be foreclosed on and is owned by the bank) or pre foreclosure (going thru the process but process isn't finished and you are buying from the owner).
If its pre foreclosure you will need to address these liens. I'd suggest going to the lien holders and offering them a small cog of the amount owed (like 10%, but you can negotiate higher if you want). Tell them that 10% (or whatever) is better than nought and nothing is what they will gain after the foreclosure process.
If it is post foreclosure, the foreclosure process wipes out adjectives liens. Just get title insurance (in crust something odd comes up) and don't verbs about them.
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This is something you should discuss beside either a legal representative or a real estate agent. In most cases, the guard that is foreclosing have first position (their lien takes priority over adjectives others) and when the foreclose, the liens are removed. However there are indisputable types of liens that can take precedence. Your query cannot be answered without knowing the law of your state and the types of liens on the property. what state are the liens located ? liens can become very profitable if you work the operate right .
Let me know what state and county you are in and i can better relief you as to what the laws are contained by that area.
You're not going to know how to get a clear title to the house if at hand are outstanding liens. Most likely you'll be responsibe for them so work them into the purchase price of the house. you reward the liens
Resolved Questions: