OfflineHell0,
I have a question about a property i am looking to buy, it seems to have a large amount of money due as lien from a "Sewer quote"
I am wondering if any one has run into this and if it is possible to get this amount lowered by the state as in a settlement. The house is almost 90% off and a great deal its just this amount that is crazy high.
Has any one ever dealt with this and been able to work the numbers in their favor to get the deal done?
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Sounds like a mechanics or contractors lien, although if it was just a quote not sure why money would be owed. Is there a name attached with the lien? Seems like there should be so the title company would know who to pay if the house was sold. So maybe start with that, and talk to the contractor to see if they will accept less in order to satisfy the lien. They probably will!
You can also speak to an attorney about getting it removed. I came across a small one once that turned up in the title search, and the attorney said that it wasn't "perfected" properly, in other words it wasn't done right. We were able to get it removed.
Keep us in the loop!
- Tom
How do you know that?
I have had my title company do a title search and Leins do come up.
In Pa if its over 10 years the leins are no more.
"statue of limitations"
Jay
Jay C
Today i got a hold of the company that had the lien that sent it to collections, I found out the 15k that is due is an accumulated value of 8 different properties. I found out the amount due for the one im buying is about 2,000.
I got off the phone with the company dealing with it, now I am just waiting to see what they will do, hoping they go for it..i'll post back when i hear back. As this will be my first buy after 3 years of studying and be scared to do it
All right! Do not give up! I just read your profile.
You can do this! I think you would look great wearing a diamond!
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Hey David - any update on this deal? Sounds like a pretty good one!
- Tom
Hey TDS,
Update wise things are moving smothly, I finally got a hold of the lien holder and found out I need to pay about 1700.00 cash to have them remove the lien on the property and I got a final price from the buyer at 1250 w/ about 1000 in title xfer.
At the end of the day i am looking at about 4,000 to close out on the property giving me a 93% off the property.
My problem right now is the lien holder wants a HUD - 1 Statement which is a new thing for me as I am buying this with no agent its been some extra leg work.
Till then
David
HUD-1 is the document that shows where all the money is coming from or going to in the sale of the property. The lienholder wants to see the HUD-1 to make sure he's getting paid. The good news is: YOU WANT TO see the HUD-1 to make sure you're getting paid too! ... and the title co. or attorney will get you a copy before you open escrow. Ask for a Preliminary HUD-1 if nobody else mentions it first. Just one of the steps. Another not-flaming-hoop to jump thru.
"The harder you work, the luckier you get." -Gary Player
I didn't want to leave this one hanging because i saw someone was following it.
So what happened, I never got the house...well rather its pending my okay. I finally got the lien company to agree on a buy out price as well as got the taxes due. On the same ride i had the seller agreed on the price, when i told him i need it on paper to process this he came back asking for me.
This kind of annoyed me, but on the same day I got a call back from a broker i was talking to about another house i was considering. Seems all was good and i have the cash to do it, so I am putting in the contact today.
So long story short, I didn't get the house i started with but I am ending up getting my first investment property on the side ^^
Good to hear you at least picked up a different investment property on the side. It's always a great learning experience to negotiate!
- Tom