QUESTION
How do I go about purchasing a house that has liens on it?
Asked on Dec 10th, 2013 on Foreclosures - California
More details to this question:
I have a question that I think you may have some experience with. I am trying to buy a property but just found out that the property has a few liens on it. There are 3 of them and were put on between 7, 8, and 9 years ago. These are liens total more than the appraised value of the house of 85K. Here is what came up in the title search “About 33K with a deed of trust from a promissory note to a funding company from 2007. About 48K from 2005 judgment, about 76K plus 11K fees from 2004 judgment I really want to purchase this property. Obviously I can’t get a loan approval. Can I purchase this property without using a bank and the owner sell it me using a quick claim or normal warranty deed? I had heard that some people buy properties with these kinds of liens on them. I heard that liens can fall off after some time. Are the lien holders notified if a simple new deed is recorded?
1 ANSWER
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There are any number of questions that need to be answered before giving any advice. What are the types of liens? Is the property homesteaded? Will there be sufficient funding from the sale to retire the liens. how old are the liens? Are they potentially time barred? If you are really interested in the property, you might consider contacting the lienors and purchasing their position. Just a couple of thoughts.
Answered on Dec 17th, 2013 at 3:30 PM