Hi, I’m Beth with TB Properties Buys Land. Today, we’re going to talk about liens on your property. Can you sell your property if you have a lien against it? I want you to think about when you buy or sell a home, oftentimes you might sell your home before you’ve paid it off. This is not that different.
Unless we specifically agree to pay off one or more of your liens, what happens is that the mortgage payoff or property taxes, etc will be deducted from the contracted price and you will reap the proceeds from the difference. For example, let’s just say you were getting $20,000 for your property. You owed $10,000 to the lender. You’re going to end up with $10,000.
When you work with TB Properties Buys Land, we are different than a lot of other real estate investors. You always have to check the fine print when you’re working with someone. For us, it’s not very fine, it’s right there in the open and what I’m talking about are the closing costs. You always want to look at what the closing costs are, so that you can understand what you’re going to bring home when you sell your property. In our one-page, very simple document, we very clearly state that we, the buyer, TB Properties Buys Land, we are going to pay for all the closing costs.
We say we will pay for the title insurance fees. We’re going to pay for the buyer and the seller escrow fees that go to the title company. We pay for the recording fees. If there are any excise or transfer taxes, we clearly state, we will cover those. And the only thing that we say that you as a seller will pay for would be any liens against your property.
Sometimes we can see if your property has a mortgage or back taxes when we’re looking up your property, sometimes we can’t, that’s why we work through that title company. They will unearth any kind of liens that are out there hanging over that property, which is why we do state that you as the seller will pay for those liens. A lot of times, people that we work with do not end up having any liens against it, but some do. Some have a mortgage they’re still paying off. Others might have some back taxes on their property. This is why we work with the seller so that, again, that, that’s the only thing that’s being deducted from their take home price.
Hopefully, that helps any questions about whether you can sell your property if you still owe money on it. With that said, there are some other types of liens that may be against your property and we would have to talk about that further in more detail. But if you’ve got a property and you owe money on that property or you owe back taxes, don’t let that stop you from reaching out and talking to us. We’ve worked with several people who have those back taxes and they can’t sell their property because they owe thousands of dollars on it. A lot of times we’re able to remedy that. It doesn’t hurt to reach out and ask. We’re always willing to take a little bit closer look at your property and give you an answer whether we can work with you or not.
Please reach out to us; we look forward to hearing from you. Have a great day.