Do you want to sell your property quickly? Wise Property Buyers can help. We buy houses in Detroit and beyond.
Selling a home is a complicated process. It’s even more complicated when you have a lien on it. Can a house be sold with a lien on it in the first place? Do you have to resolve the lien first? We’ll discuss all you need to know in this post.
What Does a Lien on Your House Mean?
A lien on your house means that you owe a person or business money, and they have placed a legal claim on your home until you can pay what you owe. If you don’t clear the debt after a stipulated time, they can forcefully sell your home to recoup the debt.
How Liens Affect a Home Sale
Can a house be sold with a lien on it? Yes. If your house has a voluntary lien such as your mortgage, you can sell it without any complications. Many people sell their homes with their mortgages still active.
However, involuntary liens are a different story. Having an involuntary lien on your house won’t stop you from selling it. However, it can scare away potential buyers. Nobody wants to buy a home that can be foreclosed soon!
How To Sell a House With a Lien on It
Selling your house with a lien on it is a tough task, but it is doable. Here are a few things you can do.
Understand the Lien Type
The first step to dealing with the problem is understanding the type of lien on your property. Who is the lien holder, and how much do you owe them? Understanding the type of lien on your property will help you know the right approach to take.
Pay Off the Lien
If the lien is due to a manageable debt, you should explore ways to pay it off and have the lien lifted. In some cases, it may be a good idea to take a short-term loan to lift the lien and then sell your house. However, the numbers have to make sense.
Negotiate With Creditors
For a property lien due to sizable debts, you should consider negotiating with creditors on the repayment plans. Some creditors may accept a partial payment and lift the lien. Others may agree on a settlement amount. Call a lawyer experienced in negotiation for help.
Sell to a Cash Buyer
If you can’t afford to wait for the lien release, you should consider selling your house to a cash buyer. Cash buyers can purchase your property with the lien on it and make the process fast and stress free.
Choose the Leading Cash Buyers in Your Local Area
Can a house be sold with a lien on it? Yes, but it can take a long time. Can’t afford to wait? Call Wise Property Buyers at (313) 513-8824 to sell your home for cash.
Learn more: How to avoid foreclosure.