Can I Sell My Dallas House Fast With An Existing Lien?
When you own a house, you want it to be ‘free and clear’ of anyone’s claim, meaning no one but you should have the right to own it and re-purpose it however you want. But surprises do come our way when we least expect it.
What will you do when you realize your house has a lien? A lien is a notice attached to your estate which is a common way for lenders to collect what they are owed. It is a stain on the estate’s title and this proves to be a problem when you have the intention to refinance or sell a home fast in Dallas.
You need to prepare yourself if you are about to purchase a house. It must be free from any financial liabilities. It would be a nightmare to start an ad that says ‘sell my house fast Dallas TX’ just a few months after you’ve settled in.
In our years of business in the real estate market, sell my house fast Dallas TX is a trending need for homeowners in need of a speedy home sale. So before you get caught with a shady title, we have listed some the different types of claims.
The Most Common Form Of Liens
There is a varied list of claims that can be attached to a property with or without the knowledge and/or permission of the owner. Finding out what these are will help you understand what is at stake and what can you do if the next home you are eyeing has a cloudy title.
IRS Tax Liens
Federal taxes can place a claim on a property. The IRS has a process of recovering unpaid taxes, and in most cases, will offer a wage garnishment to offset the money owed until the full amount is paid off. However, if the tax debtor is financially unable to pay or has insufficient income, IRS can place a lien on properties, that includes the house. And IRS is a serious claimant that would push a force sale if there are no other means to pay the taxes owed.
Property Tax Liens
This is the most common, since it is prioritized over other claimants (mortgage lender or unpaid contractors). The government has the ability to intervene and sell a home fast in Dallas to pay off the balance. Both the homeowner and other claimants losses in the end. In some cases, mortgage lenders assume the property tax owed to preserve the first lien position as a guarantee that they get paid when it is sold, forced or not.
When a mortgage is taken out on a property, the lender can claim partial ownership to negate the borrowed money. This is voluntary, in which the homeowner agrees to the claim placed until the debt is fully paid. Learn more in this article.
There are other forms of liens that can be placed on a house. In case a notice makes its way to your doorstep, it would be best to talk with a lawyer for a legal advice. You will be needing one if you wish to dispute or if the situation escalates.
SellAnyHouse Dallas has met with numerous clients struggling with a debt they could not afford to pay off yet. To ‘sell my house fast Dallas TX’ is an alternative means to settle this money nuisance. Some other reasons to sell fast could be about an unsafe neighborhood, a recent death in the family, or a means of liquidating assets.
We buy houses in Dallas-Fort Worth in exchange for a fair cash offer without charging any closing or transactions fees. Our goal is to help homeowners understand that they shouldn’t be stuck in a place that’s making them unhappy.
Are you interested to find out more about how you can receive cash for houses in Dallas? Talk to us today!
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