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Started By
Message
Legal help needed. Property with liens. Worth buying?
Posted on 4/20/15 at 7:38 pm
Posted on 4/20/15 at 7:38 pm
Back story... About 9 acres with a pond and old house in need of demoing. Meth head owner is long gone in Houston. Property has two liens due to lawsuits with judgements against him. $25k and $5k respectively without putting in intrest. Can anything be done about aquiring the property if he cant be found? like contacting the lien holders directly? If we can find him whats next? Never dealt with a lien before.
Is it even worth chasing down?
Thanks
Is it even worth chasing down?
Thanks
9
Posted on 4/20/15 at 7:39 pm to thejudge
Run like hell and don't look back. Or send me $30k if you are just looking to blow it.
Posted on 4/20/15 at 7:42 pm to thejudge
quote:
thejudge
quote:
Legal help needed
Nice try, judge!!
Posted on 4/20/15 at 7:43 pm to thejudge
See who is first lien holder and buy their claim out then send it to Sherrif sale to clean up the other claims. Clean title.
This post was edited on 4/20/15 at 7:45 pm
Posted on 4/20/15 at 7:44 pm to thejudge
Yes! I have a Friend that bought a house and land in Colorado and all they wanted was someone to pay the Taxes, etc. He got the house and land for like $10,000. He bought land in Hammond the same way and paid like $8,000. I would look into this and find the people that hold the Liens against the property and find out what they want to sell the property to you. There are deals out there!!
Posted on 4/20/15 at 7:46 pm to UpToPar
She's not worth dating. Run like hell, bro.
Posted on 4/20/15 at 7:46 pm to thejudge
I buy a lot of property like that in Delaware
Yes, it's true...
I LIEN DOVER
Yes, it's true...
I LIEN DOVER
Posted on 4/20/15 at 7:46 pm to stout
quote:
See who is first lien holder and buy their claim out then send it to Sherrif sale to clean up the other claims. Clean title.
This gets you the same exact place as you would be if you were to just buy it outright from the owner.
Posted on 4/20/15 at 7:48 pm to thejudge
He's the one who owes, right? So, if he sells, the lien holder is entitled to their money before he gets any.
It really doesn't affect your ability purchase, does it?
It really doesn't affect your ability purchase, does it?
Posted on 4/20/15 at 7:49 pm to UpToPar
quote:
This gets you the same exact place as you would be if you were to just buy it outright from the owner.
No. With multiple liens the owner would have to ask more to satisfy them all in order to give you a clean title.
Primary lien holders can force the Sheriff sale and it's up to the secondary lien holders if they want to run the price up at sale to satisfy their claims and run the risk of getting the property to deal with. Most don't do this.
Of course the risk is that someone else outbids you during the auction.
Posted on 4/20/15 at 7:50 pm to HarryBalzack
quote:
It really doesn't affect your ability purchase, does it?
He will never get a clean title.
Posted on 4/20/15 at 7:50 pm to UpToPar
headed to sheriffs sale would open it up to others to bid correct? Can you buy someone else's property out from them like that? There are no taxes as it has been homestead exempted.
Posted on 4/20/15 at 7:51 pm to HarryBalzack
It depends on who has title to the property. If the owner has title then it will have to go to sheriffs sale. If the bank owns it then satisfying the lien will be done at closing.
I bought a few rental houses that had liens. It's pretty straight forward unless whoever owns the property doesn't want to sell.
I bought a few rental houses that had liens. It's pretty straight forward unless whoever owns the property doesn't want to sell.
Posted on 4/20/15 at 7:53 pm to thejudge
That's probably why Stout suggested buying the first lien.
Posted on 4/20/15 at 7:58 pm to thejudge
I'm just going to say there is a lot of misinformation and bad advice in this thread. Hire a lawyer if you want to do this right.
Posted on 4/20/15 at 7:59 pm to McLemore
What do you charge?
Posted on 4/20/15 at 8:02 pm to McLemore
quote:
Hire a lawyer if you want to do this right.
Yea no doubt. I was just throwing shite out there of ways I have seen people handle this but you are correct.
The attorney will do a title opinion and see what it's going to take to clean it up.
Your biggest issue is that I doubt the meth head will care unless he is going to clear something out of it then you have to see if the amount he wants on top of the liens is even worth it.
Just remember, if you finance, title insurance only protects the lender. Buy your own policy on something like this for a few hundred bucks to protect yourself and you can do that even paying cash.
Posted on 4/20/15 at 8:11 pm to stout
quote:
No. With multiple liens the owner would have to ask more to satisfy them all in order to give you a clean title.
Primary lien holders can force the Sheriff sale and it's up to the secondary lien holders if they want to run the price up at sale to satisfy their claims and run the risk of getting the property to deal with. Most don't do this.
Of course the risk is that someone else outbids you during the auction.
Lets pretend the land is worth 100K with a 25K and 5K lien on it. If you are going to buy the primary lien, you are going to pay 25K for it. If you then force a sheriff's sale and purchase the property (going to have to be 2/3 the appraised value) for 60K, you still have to pay the second lien creditor 5K from the sheriff's sale, so you have spent 90K to acquire a 100K piece of property.
If you just offer to buy the property from the owner for 60K then pay off the liens, you are in the same position.
Posted on 4/20/15 at 8:19 pm to UpToPar
quote:
If you then force a sheriff's sale and purchase the property (going to have to be 2/3 the appraised value)
The lien holder can send it without appraisal FYI so that negates your whole post.
Posted on 4/20/15 at 8:27 pm to stout
quote:
The lien holder can send it without appraisal FYI so that negates your whole post.
You can, but there are consequences.
Even still, if the property is worth 100K, you are taking a risk in hoping that you will be able to get it for 60K and won't get outbid.
It boils down to this: If you think you will be able to get the property for a better price as the sheriff's sale than buying straight from the owner, then you should do exactly what you explained. If you think you can get the property for a better price buying from the owner, then you should do that and pay off the liens after you buy the property. Either way, you will have to pay off both liens if you want clear title.
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