Liens on your property can be overwhelming.
It may even seem unfair.
You’re telling me that someone can put a lien on my house and foreclose on it for $1,300 I owe them?
Yes.
If you have a lien on your Atlanta house, you may feel stuck if you can’t sell the house or pay off the lien.
The good news is, you don’t have to feel stuck in your unwanted house any longer.
Learn more about how to sell a house with liens in this post.
Read on.
What Is A Lien?
According to Bankrate, a lien is a claim made on a property in order to satisfy a debt.
It is a way for a lender or creditor to recoup what is owed to them.
Having a lien on your Atlanta house doesn’t mean you can’t sell it.
It simply means you need to satisfy the lien before doing so.
Why Do You Get Them?
The most common types of liens are mechanic’s liens, judgment liens, and tax liens.
Mechanic’s liens come from contractors who work on your house.
They will often issue a lien on your house to ensure they are paid.
A judgment lien comes when you lose a court case and need to pay someone else for a loss.
A judgment lien will be filed against your assets until the payment is received in full.
A tax lien is issued when you do not pay your state or federal income taxes.
A lien can even be filed in the case of unpaid alimony or child support.
If payments aren’t being made as directed by the court, the receiving party can file a lien against the owing parties property.
Can You Sell A House With Liens
Technically, yes.
But the process is strenuous, complicated, and highly stressful, especially when your own emotions are involved.
Creditors know that most people don’t understand their rights, let alone their options in resolving a lien.
When you have an expert on your side who thoroughly understands liens and selling a house with a lien, creditors are much more likely to negotiate.
When you need to sell your house fast, consider working with Breyer Home Buyers.
Whether your debt is with the IRS, a credit card company, the tax authority or even an individual, our years of experience in all types of liens have let homeowners sell fast and move on with life.
Selling a house with a lien on it can be messy, but you’re not alone—we can help.
Check Your Title
Check out your county assessor (Fulton County Property Tax Search) and clerk to search for liens on your property.
Select “Real Estate” > “Street Address” > Input Address.
Notice the arrows. If you have any amount of money in these columns, you owe you county back taxes.
This same page should notify you if your property has any other liens that have been mentioned.
A title company will check for liens at the time of sale, but you want to be prepared before that.
It is not uncommon to find a lien in your name you weren’t aware of.
It might have been put in your name erroneously or filed without your knowledge.
You don’t want to be surprised when you decide to sell.
How Liens Affect Your Credit
A paid off lien will linger around on your credit report for up to 7 years.
An unpaid lien will stick around for 10.
These can be big red flags to future creditors when you are attempting to borrow.
Having liens on your credit report will make you appear to be a risky borrower and lower your odds of being approved.
Always stay on top of your credit report in these situations.
Remedy The Situation
The fastest way to remedy the situation is to pay off the lien.
This is often easier said than done.
If you weren’t able to pay off the debt in the first place, you might still have trouble.
Many lenders will work with you as long as you make a plan for repayment.
Many people will accept repayment upon the sale of the house.
Other creditors will demand payment before the house is sold.
Mortgage liens, filed against your property by your lender, won’t affect the sale of the home.
Talk to an attorney if your situation is complicated or if you are unsure about what to do to satisfy a lien.
If you need to sell a house with a lien on it fast, follow these steps:
Evaluate the liens.
Determine what types of liens and judgments are against you or the property you need to sell.
The procedure for each lien is different, and some types of liens cannot be negotiated, but many can be settled for little or no money at all.
Locate a qualified buyer.
Finding someone interested in buying a house with a lien against it can be challenging.
Many buyers and Realtors see liens and judgments as major problems requiring everything to be paid in full.
If the creditor is particularly difficult, they may run out of patience and give up.
Find someone who understands your need to sell your house as is and also knows how to secure the lien releases and negotiate reduced settlements.
Allow an expert to work for you.
An expert makes an important difference in the result.
An experienced investor or title company can guide what you say to creditors when settling liens.
It’s often best to not tell the lien holder that you need to release to sell a house because that gives them the upper hand.
Other times, you do want them to know this information because they will wait for the settlement payment, knowing it will come from closing proceeds.
Knowing the right things to say without having experience in these conversations is difficult, so finding the right professional to help is critical.
Sell A House With Liens As-Is
A great way to sell a house with liens in Atlanta, is to sell your house to a direct buyer.
Many home buyers will opt to take financial responsibility for the lien, thus enabling you to sell the house.
Breyer Home Buyers will help you pay off your lien and buy your house for cash.
We can help with liens or any other difficult challenges you are facing when trying to sell your Atlanta home.