Selling with a lien on property in Florida can be tricky. It is important to find the right buyer who will handle any liens associated with it before signing on the dotted line.
Buying a home in Florida can be quite intimidating for many people. It’s not always easy to come up with enough money. So, sometimes you have to go into debt, or take out loans from the bank in order purchase your new house.
In addition, upkeep is expensive and maintenance isn’t something that just sort of happens on its own. When you’re in a tight financial situation, it can be hard to stay ahead of bills. If this goes on long enough, eventually your creditor may file a lien on property in Florida.
Basics of Liens
A lien can occur when a creditor decides to establish claim on your assets. General liens are not uncommon if you have large debts. This means they could take partial ownership of everything from your car and home to other property. A lien strictly limits what you can do with the property, and the debts associated with it may also severely affect your credit score.
Foreclosure is a separate issue from lien because when you have the latter, it just means that your property was used as collateral. However, if debts pile up and begin to affect your ability to make mortgage payments then foreclosure could become imminent.
Keep in mind that a lien comes with legal documentation. Filing it usually occurs after other attempts to collect the debt have been exhausted. It also takes some time in court – not only to pay off the lien, but to establish it as well. Most creditors who place liens are traditional lenders, though anyone you legally owe money to can also place a lien on your home. Failure to pay property tax or federal income taxes is usually the source of these type of debts.
Can I Sell With Lien on Property in Florida?
A lien is a way for creditors to make sure that sellers don’t get away with the profits and leave them unpaid. They will lay claim to at least some of your home’s sale price, which means you’ll need to find workarounds before selling.
With the debt associated with a lien, you have one of two options: pay it off or take out another loan. But that’s not always easy when your credit score has already taken some damage. Plus, taking out more money to pay off another outstanding balance isn’t always wise.
You also have the option of contacting the lien holder and checking if the debt is valid. If it is, there’s a strong possibility they’ll be able to work out payment timelines with you. Furthermore, it’s quite common to dispute the lien and get the amount reduced.
However, this does require court time, which in turn requires more cash to burn. If you aren’t able to spend the time and finances on disputing the lien on property in Florida, consider putting the property up for sale. It can be tricky, and you’ll have to find the right buyers, but it’s possible.
Who Actually Buys Properties With Liens?
Not traditional buyers. It’s rare to find a buyer with the time and patience to wait for the lien to be dismissed. Lien on property in Florida typically takes 10 years to expire, and the only other way to get rid of it is to pay it off. It’s even less likely to find a traditional buyer with the extra cash who will pay the debt off for you.
A company specializing in buying distressed homes for cash is often your best option when selling a home with a lien. Cash home buyers in Florida can cut through the red tape fast and have the financial assets to pay off any liens that are attached to it. If you want some quick cash, this makes them an attractive prospect.
SellThatFloridaHouse is the way to go when you need a quick cash offer and want to avoid commissions from real estate agents. We can make an offer on your property without the need of inspections or mortgage approvals like other home buyers would. That means you can get paid quickly for your house without having to wait around, maximizing profits in this tough market!
SellThatFloridaHouse is the quickest way to get rid of your home. Our team knows that every situation is different, and we put in time and energy into giving you an offer for a quick turnaround on tight deadlines. We make tough deals look easy! We guarantee a fair cash offer and we close in your timeframe!