Do I Have to Pay Off Liens (Taxes, Water, Gas, Judgements) Before I Can Sell a House?
Selling a house is a complicated process in general as there are many things to do and take into consideration. It is even more difficult if there is a lien on it. A lien is defined as a legal notice attached to a property title because of an unpaid debt. There are different types of liens depending on the assets they are attached to. A lien can be placed for unpaid taxes, water, gas, and more. Many homeowners wonder whether they have to pay off liens before selling their houses. The short answer is no. You do not have to pay off your liens first. You can sell a property with a lien on it, although the process will be more challenging. Depending on your personal situation, you have the following options:
How to Sell a House With a Lien on It?
- Negotiate your lien. If you cannot afford or do not want to pay off your lien, you can negotiate with the creditor who placed the lien on your property. Negotiations are a tricky process, so it is recommended to hire an experienced CPA or attorney. An attorney or CPA can help find a good solution or reduce the amount owed to the creditor.
- Transfer your debt to other real estates. In some cases, liens can be transferred to other pieces of real estate if you own any. Again, hiring an experienced attorney is highly recommended. If the transfer of a lien is possible and successful, it will clear the title on the property and allow you to sell it.
- Dispute the lien. Sometimes, you may not be aware of the lien and find out about it during the title search. This happens when the previous owner did not pay the debt, and now this debt is on you. In this situation, you can try to dispute the lien. Unfortunately, in most cases, disputing a lien is a long and complicated process, but it might be worth it.
- Sell a home to a home investor. The main problem with liens is that they are considered red flags by realtors and buyers. Therefore, they do not really want to deal with them. For this reason, selling your property with a lien can be complicated, especially if you are trying to do it the traditional way. The good news is that there is another way of selling your home with a lien that many people do not know about – selling it to a home investor for cash. Home investors who purchase homes as is specialize in troubled properties and constantly purchase homes under different circumstances, including properties with liens. They will be ready to buy your home immediately and do not request you to pay off your debt first.
We Buy Houses Philadelphia – We Are Ready to Buy Your Home With a Lien
Do you own a property in Philadelphia with the lien that you want to sell immediately? Do not worry – We Buy Houses Philadelphia is here to assist you. We purchase all types of properties, in any condition and any location. Moreover, we do not request any repairs, and we pay cash. All you need to do is to visit our website for more information and give us a call. We Buy Houses Philadelphia is your chance to sell your house fast and easily.