If a title search reveals existing liens, it could certainly impede the process of selling your house. An unpaid debt is known as a lien. Imagine, for instance, that you feel the claim details are incorrect or that the creditor filed the lien on your property in error. A lawyer can help you research the history and assist you in negotiating for final payment if the debt is valid.
Liens also have different priority levels against the debt, and when the property sells, the order of the highest priority lien determines the order of payment. While not always applicable, the date filed determines repayment priority. Understanding which type of lien is on the property can make handling the lien a bit less overwhelming. Read on to explore liens and how to sell a house with liens in Knoxville.
There are two types of consensual or voluntary liens. The lender can take possession of the property with either kind of lien, known as foreclosure, and ends in an auction to sell a house with liens in Knoxville. The first is a purchase-money security interest lien, such as a mortgage wherein the asset used to purchase a home is the subject of the loan. The other type of consensual lien is the non-purchase-money security interest, such as a second mortgage, wherein the debtor utilizes the property as security for a cash loan.
Enacted by operation of law or statute, statutory liens are non-consensual or involuntary and are typically tax-related, giving the creditor secured interest on a property. The creditor may pursue the secured interest and have the property sold. Liens that result from court proceedings from a lawsuit from an individual or company filing a claim are known as judgment liens. Ultimately, if the borrower fails to fulfill the loan terms, this type of lien allows the creditor to take the property’s title and sell a house with liens in Knoxville.
Creditors who seek repayment file the lien against a property and receive a payment if the property sells or, in some cases, a creditor can seize the property and sell a house with liens in Knoxville to recover the debt. If you cannot repay the debt, you may find you’d be better positioned financially in the future by taking steps now.
Pay Off Your Liens
You could sell a house with liens in Knoxville on your terms before further action by the creditor and thereby arrange to pay off or resolve the debt on your terms. Because existing liens can complicate the process, it’s beneficial to work with a pro experienced in these listings, like the professional investors at Tennessee Property Liquidators LLC. When you pay off the debt, you need to request a release-of-lien form from the lender, a local attorney, or your local government. This form will need to be notarized and filed with the county recorder. You should be aware there may be filing fees associated with the process, which makes the release of the lien public information. If you’re paying off a federal tax lien, when paid in full, the IRS will provide you with the release of the notice, which you will forward to the county to remove the lien.
Sell Directly to Tennessee Property Liquidators LLC
If you find yourself short on money, time, or the patience necessary to deal with the hassles of listing and showings, call Tennessee Property Liquidators LLC instead – we can help. The professional investors at Tennessee Property Liquidators LLC have helped other homeowners just like you overcome the hurdles that liens can throw at you; we’re happy to answer any questions you have about a direct sale and help ease your mind of any concerns. A direct sale to Tennessee Property Liquidators LLC is a quick process; your closing could be in a matter of days or slightly delayed if you need just a little more time to move. The professional investors at Tennessee Property Liquidators LLC don’t charge commissions, and there are no hidden fees in our straightforward contracts; you won’t even pay closing costs. At Tennessee Property Liquidators LLC, we will lay out the numbers side by side so you will know what the property would sell for through listing and all of the costs you would face by selling on your own. Then, we will detail our offer, allowing you to understand the numbers for yourself to see the offer is fair. The pros at Tennessee Property Liquidators LLC are your neighbors who live and work here in Knoxville; therefore, we take every step to ensure you feel good about the deal from the first time we speak until long after closing.
Save time, save money and make the process easy on yourself by working with Tennessee Property Liquidators LLC to sell a house with liens in Knoxville and walk away from the closing with cash in hand. Contact [company] at (865) 685-4985.