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Additional Details
Purchase price of home ... |
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Matt Allan | Can liens be factored into a mortgage? |
ok. So im interested in purchasing this house for a very small amount of money and in exchange pay off the owners back taxes on the property and about 8 grand worth of liens from the city. (for not taking care of the property, etc).
I understand that liens have to be payed off before the title is transfered, so can i get it payed off immediately by a creditor and pay for the liens monthly? |
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Genki
 |
1. Determine what you feel the property is worth on the open market (ask your agent)
2. Determine how much you are willing to pay for the property (as if it had no liens)
3. Get approved for the loan for #2 (talk to mortgage broker, lenders)
4. Determine the total of the liens (ask your agent, title/escrow officer, attorney)
5. The price you offer for the house is #2 minus #4, plus you will have the liens paid off as part of the purchase. All of this is included in your loan.
6. When you make your payments on the loan, you are financing the purchase and the liens, together in one payment.
7. Enjoy your new property and give a shout out to your friends here at Y!Answers and invite them to a BBQ! :-) |
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Expert Realtor
 |
You actually don't have to pay off the liens before the title is transferred if you are paying cash...you just assume the liens upon title transfer.
To make sure you are getting the best deal, have your Real Estate attorney that is conducting the closing get a payoff for each and every lien against title...some of these may take substantially more to pay off than what is reflected on title due to accumulated interest.
Once you get the payoffs, your attorney can take care of them for you at closing...but you cannot pay off anything without a payoff quote in your hand.
PS: The title company will not do an additional title search, your real estate attorney does this and "certifies title", and then the title company insures it...RE Attorney's carry E&O insurance to protect the title copmpany from human error. |
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Blue October
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there is no doubt - if you purchase the home you automatically inherit the liens and back taxes...you are not doing them a favor...its just cost of doing business.
yes... you will have to provide proof that the taxes and liens are clear ---probably to the the title company and they will do an additional search to make sure everything is clean.
good luck. :) |
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jakedog
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that doesnt make any sense. Just include the liens in the purchase price. If you pay off the seller's leins first then what if he decides to not sell you the property?.You could sue him but even if you win and he doesnt pay..guess what?. You would have to put a lein against the property as your only recourse. |
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Mr. Knowitall
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Sure, as long as the new debt is included in your debt-to-income ratio when applying for the mortgage.
I'm not sure I would do that though - why pay the liens off before you own the property? What if your mortgage loan doesn't go through? |
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shiprepairwoman
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When you get a mortgage they will use the proceeds to pay off the debts on the home including other mortgages and liens. The price you are paying is the grand total of the amount to seller, and to pay off the home's debts. |
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freddy sanford
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I doubt it, but the title company can probably roll them into the price of the house (if there is enough equity in it) so that you pay for them with your mortgage, thats how it usually happens |
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Breezy365
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You could apply for a mortgage loan on the house, have it closed at a Title Co., everything of record would then be paid off and you would pay the mortgage company back.
I don't know what you mean by 'get it paid off immediately by a creditor'??? What kind of creditor? Do you mean like a credit card? I'm sure any way that you can pay for the property would be acceptable. Just make sure you close at a Title or Escrow Co. so that you have clear title to the property and make sure all those liens are released. Sometimes people can't get clear title when they purchase a property for back taxes. You want to make sure this isn't the case with you. |
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icedcoffeeaddict
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Do you mean like with a credit card? You can pay how ever they accept the funds. I hope your getting a really good deal, and the seller is getting NOTHING since your planning on paying his debts. He should be paying those debts out of his proceeds from selling it to you. It can be done through Escrow. |
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Alterfemego
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You will need to make sure your lender is aware of the costs you will incur to obtain possession and title to this home. It depends on a number of factors, but be certain by asking your lender up front. |
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