When Is It The Right Time To Place A Lien?
I've read several books on this subject.
Reading and doing are often two different things - So I ask -
When is the right time to place a lien yourself on a property in order to get your money out of it for all the work you have done?
Washington St. only gives you 60 days from the time you complete the job to contest. If you are having any trouble at all getting your money go and file a lien better safe than sorry. It is always easier to negotiate with a lien in place.
Bob H.
I am not sure if the response so far addresses the actual question. Lets clarify the question.
Are you asking about placing a lien on a property you own for the purposes of making some creative finance work?
Or are you a contractor trying to collect from a client and want to lien the subject property to motivate the person to pay?
John
[addsig]
We have been working on several properties, doing work to get some short sales, fixing up others in order to sell - but we do not own them, we wanted to make sure that the "rule" that only real estate brokerage/agents get money at close outside of liens, and debts - does not kill our efforts to work a nice deal out and make a house more asthetic to sell for our customers.
We do not own them. We have a 60 days lock and are working with the lenders to pay off the notes so that we can buy or assign our interest(s) in the property. Been putting a lot of work into some of these and the banks aren't budging. We're offereing 70- 85% on first and 50% on the seconds... The seconds are buying, the first are not - thing is in the ones we are short selling - the numbers are so close it makes nothing but good sense to deal with us - we're not making a killing maybe 5 - 15k each deal - but money is money as far as we're concerned.
We're here to offer a service and love the work. We just want to cover our hind ends in some of these a-hem "fence-poll" projects.
Dilbert98, I am interested in more about what you're doing, specifically the following:
Quote: We have a 60 days lock and are working with the lenders to pay off the notes so that we can buy or assign our interest(s) in the property.
Who is the "lock" from? Forclosing lendor? Attorney? OrigOwner?
What is this "lock"? Who does it keep from doing what?
When you say "pay off the notes", you're referring to the original 1st and 2nd mortgages, correct?
Any more info appreciated.
Andrew
Who do you work for?
what kind of a greement doyou have w/ them
Are you eleigible to file a mech. lien. Do you meet all the requirements.
This site looked interesting
http://www.lienlawonline.com/lienlaw.asp
CJ thanks for the link.
Who do we work for? We are contracting with the original owners to negotiate a hardship relief reduction on a defaulted note in pre-foreclosure - short selling the mortgage(s) to bring the price of the home within reasonable consideration to either buy it ourselves or sell/assign our interest to another investor home buyer.
60 Day lock is the agreement we go into these with giving our company a 60 day exclusive to sell, buy, assign and negotiate with the lenders/lien holders on the original homeowners behalf.
I'll check out the sight and see if all our work qualifies for the mechanic or contractors lien.