Posted by Billy on October 12, 2002 at 18:10:04:
Joe
Wouldn’t your agreement include “an offer” contingent upon your satifaction with the results of your due deligents? This is some times refered to as a “weasle clause”.
I use this and “contingent upon receiving acceptible financing” clause. Once I have done my search I decide what is acceptible.
Billy
buying property with liens - Posted by Jack N
Posted by Jack N on October 12, 2002 at 14:49:41:
How do I find out how much lien is on the property that I want to buy?
I just found a run down property that owner wants to get rid off, but she says that there is a lien on it and somebody bought it. She asked me to find out how much is still owed on it. Where do I look?
I need that info in order to submit the offer.
Please help!!!
Jack
Re: buying property with liens - Posted by Diana Maclauchlin
Posted by Diana Maclauchlin on April 08, 2003 at 16:33:59:
My husband and I have been living in this house and have been renting for 3 years now. When we were approached by the sellers to move in and rent for a while and then buy it, we decided to take up their offer. Just before closing escrow we found out the sellers needed to pay an exisiting tax lien on the house before closing. It fell through obviously. The sellers asked us to stay for two more years until the judgment and tax liens were off and retry buying it from them. Just found out the liens are still on there and no lender wants to loan money with this on the house. They have raised our rent recently. I wish to save our money and move on to another location. Do you have any good advice?
Re: buying property with liens - Posted by GL(ON)
Posted by GL(ON) on October 12, 2002 at 15:17:05:
All the information about liens mortgages and deeds on a property is available at the court house, hall of records or registry office. Different names are used in different places but they all mean the same thing.
Anyone can go in and look up the information for a small fee (under $10). They are public records.
Re: buying property with liens - Posted by JoeKaiser
Posted by JoeKaiser on October 12, 2002 at 15:04:41:
Jack, all properties have liens so it’s not like this is anything unusual.
Here’s how it works . . .
You meet with the lady and you come to terms about the property. You don’t need to know the lien amount before you “submit on offer.” You just write up your terms, subject to you doing your due diligence.
It makes no sense to run around on the seller’s behalf trying to find out what is or isn’t owed . . . and not have a signed off agreement in your hands. You’re working for nothing that way. She may sell it to someone else while you’re out doing your research.
When you get ready to close, a title report will show what the liens are, and your attorney or escrow company will confirm what’s owed.
But get that darn agreement signed ahead of time and don’t you dare “submit an offer.”
Joe
Re: buying property with liens - Posted by Jack N
Posted by Jack N on October 14, 2002 at 10:20:35:
Joe,
Lady told me that she wants $20K + pay off her lines. She does not know how much she owes.
So how should I structure the offer like this: I offer: $20K and whatever is owed on the agreement and have her sign it, and put the contingency that let?s say: that liens cannot exceed X amount of money or something like that?
Re: buying property with liens - Posted by Jack N
Posted by Jack N on October 14, 2002 at 10:11:45:
Joe,
Lady told me that she wants $20K + pay off her lines. She does not know how much she owes.
So how should I structure the offer like this: I offer: $20K and whatever is owed on the agreement and have her sign it, and put the contingency that let?s say: that liens cannot exceed X amount of money or something like that?