Vendor Lien On House In Texas
I want to purchase a home but it has a $1000 lien on it by Dillards. How can I purchase this home/the seller sell the home with this on here?
Do I as the buyer need to pay the $1000 lien off as part of the entire cost of the house (in addition to the mortgage amount) or can I wrap that $1000 into the mortgage amount? Or, is it required that the seller pay that off in cash or can she just pay it out of her proceeds from the sale?
Any help would be greatly appreciated!
Thanks!
If you are purchasing the subject investment outright you will need to pay all liens to get a clear title
Before the lien can be released, it will need to be paid. You can purchase the property subject to that lien but before you can resell it with clear title, it will need to be paid off.
novanlord--(TX)-------------
I'm concerned that you don't know much about what you are doing.
And, you don't describe the situation clearly enough to know what to suggest.
Are you buying through a real estate brokerage listing? Are you using a real estate agent or an attorney? Or are you trying to do a direct purchase yourself?
In general, when you buy a property it is wise to approach lien holders and get them to discount the payoff amount. You have the escrow holder withhold from the seller the amount owed, while you pay a lesser amount. However, you have to have it written into your contract so you are not cheating the seller.
Good Investing************Ron Starr**************