An article was published last week by Suburban Dollar explaining there are three things that could cost you your dream home. Let me tell you how true this article is and this past month has proven it so.
The title to your home is usually owned by your bank but that doesn’t necessarily mean they are the only ones who hold it hostage. There are several things that could affect the title to your future home and you may have no idea. If someone fails to pay for a debt the creditor could sue to have a lien put on their property to secure repayment of the debt. When the lien is placed on the home the title becomes “dirty” and the selling price of the home would have to both cover the amount of the lien as well as the outstanding mortgage on the home.
I have a buyer who I had to sit down with last week and explain why they probably won’t get to close on their lease purchase. When a builder doesn’t pay his subcontractors, they put liens on the houses. In this case, the subcontractor didn’t put one lien on one house… they put it on ALL the homes owned by the builder.
This market – even with all the willing sellers – is still a difficult one to navigate for buyers. It’s still a hot mess for buyers and sellers and one that dictates the cautionary tale: don’t get too attached to a house until the ink is dry.
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