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06-27-2010, 08:10 AM #1
Renter
- Join Date
- Jun 2010
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Offer on a home with $400/k+ in Liens
My fiance and I are trying to purchase a home and we have put an offer on a house that has led us into quite a situation. Long story short, we put the offer down and the preliminary title report showed roughly 10 liens on the property equating to just over $400,000 in liens. That is nearly double the market value of the property.
The seller states that they can get the liens removed and in fact have said that they are almost done. We have contractually extended our period to do a home inspection as we do not want to spend $400 on a property that still has liens on it. We are concerned that even if we do see all the paperwork saying the liens have been removed that when we go to the closing table there is a chance the title report will show liens.
Our main concern here is wasting $400 on an inspection when we do not know if the title is clean or not. Is if fair/commen to draft up a contract asking the seller to pay for our home inspection and then we will refund them if we back out based upon its results or if we end up buying? The only situation we wouldn't pay them back is if at closing there are still liens they cannot remove on the title.
We have already lost $400 on an inspection on a different property that was a short sale and was riddled with liens so we are really sensitive on this subject. Any suggestions or advice would be much appreciated!
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06-28-2010, 08:06 AM #2
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- Sep 2007
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- Outer Banks
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Yes, you could ask the seller to pay for the inspection and reimburse them at closing.
Or, you could make the dates in the contract contingent on the time that the title is cleaned up. This way you would not have the inspection done until after the liens are removed.Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
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