 Cloudy Title in PA (by Anthracite [PA]) Jan 18, 2019 11:32 AM
 Cloudy Title in PA (by NE [PA]) Jan 18, 2019 11:38 AM
Cloudy Title in PA (by Mike45 [NV]) Jan 18, 2019 12:03 PM
Cloudy Title in PA (by Landlord ofthe Flies [TX]) Jan 18, 2019 12:20 PM
Cloudy Title in PA (by Ken [NY]) Jan 18, 2019 1:18 PM
Cloudy Title in PA (by Anthracite [PA]) Jan 18, 2019 2:43 PM
Cloudy Title in PA (by NE [PA]) Jan 18, 2019 2:50 PM
Cloudy Title in PA (by Ken [NY]) Jan 18, 2019 3:48 PM
Cloudy Title in PA (by Ed [PA]) Jan 18, 2019 5:23 PM
Cloudy Title in PA (by Anthracite [PA]) Jan 18, 2019 5:56 PM
Cloudy Title in PA (by Ken [NY]) Jan 18, 2019 8:11 PM
Cloudy Title in PA (by Ed [PA]) Jan 19, 2019 6:52 AM
Cloudy Title in PA (by NE [PA]) Jan 19, 2019 7:10 AM
Cloudy Title in PA (by NE [PA]) Jan 19, 2019 7:12 AM
Cloudy Title in PA (by Ray-N-Pa [PA]) Jan 21, 2019 8:44 AM
Cloudy Title in PA (by Anthracite [PA]) Posted on: Jan 18, 2019 11:32 AM
Message:
Offer accepted on a fixer owned by estate (extremely motivated only son with severe cash flow issues). Title search shows $7500 in Judgements - taxes,medical bills etc. Not sure how old.
Options here to renegotiate the sales price :
* decrease sales price by $7500 and I negotiate with the leinlolders for pennies on the dollar or,
* sales price remains the same, but I pay the liens up front as seller will "take the money and run" if he gets the proceeds.
Anything I'm missing here.?
I do have an attorney , waiting for his input.
This is a nice property in a nice neighborhood --173.215.xxx.xxx |
Cloudy Title in PA (by NE [PA]) Posted on: Jan 18, 2019 11:38 AM
Message:
The title isn't clouded if they get paid. I say let it creep towards closing before offering remedy. Let him spend that money in his head a little before you go in for the kill.
I wouldn't worry about the medical bills. --174.201.xx.xxx |
Cloudy Title in PA (by Mike45 [NV]) Posted on: Jan 18, 2019 12:03 PM
Message:
Do NOT assume that you can settle those liens for pennies on the dollar. I offered a judgment lienholder $0.25 on the dollar and was rejected.
And do not forget the interest! --71.222.xx.xx |
Cloudy Title in PA (by Landlord ofthe Flies [TX]) Posted on: Jan 18, 2019 12:20 PM
Message:
Just make sure you get a confirmation letter showing release of lien before funding and closing. You're buying a house with clear title. --108.69.xxx.xxx |
Cloudy Title in PA (by Ken [NY]) Posted on: Jan 18, 2019 1:18 PM
Message:
Your attorney will make sure they are paid at the closing out of the proceeds,no big deal.Find out how long they stay attached to real property in your state and sometimes I just leave the judgment attached to the property and just wait to resell until the judgments drop off. --72.231.xxx.xxx |
Cloudy Title in PA (by Anthracite [PA]) Posted on: Jan 18, 2019 2:43 PM
Message:
Judgements are from (3) Comm of Pa from '03, 08 and 2011.
One is from PA unemployment compensation fund from 2018.
Do these liens have a statue of limitations? 5 years seems to come up in searches. Can that be so ?
Anyway to look them up ? --173.215.xxx.xxx |
Cloudy Title in PA (by NE [PA]) Posted on: Jan 18, 2019 2:50 PM
Message:
Depends on the lien. Call Attorney Brad Dornish in Pittsburgh. Pay the fee and get the answers. Write down the info when you talk to him. --50.107.xxx.xxx |
Cloudy Title in PA (by Ken [NY]) Posted on: Jan 18, 2019 3:48 PM
Message:
If you have a relationship with a title company they will help you with that info also --72.231.xxx.xxx |
Cloudy Title in PA (by Ed [PA]) Posted on: Jan 18, 2019 5:23 PM
Message:
Did you make a straight offer or 'subject to'? If you made a straight offer, the judgements and liens are paid from the sellers proceeds at closing. The closing company will take care of that. If you made the offer 'subject to' then you've agreed to take the property with the judgements and liens. --71.112.xxx.xxx |
Cloudy Title in PA (by Anthracite [PA]) Posted on: Jan 18, 2019 5:56 PM
Message:
Straight offer contingent on clean title.
--174.206.xx.xxx |
Cloudy Title in PA (by Ken [NY]) Posted on: Jan 18, 2019 8:11 PM
Message:
ED,the term subject to refers to leaving the existing financing in place,not leaving leins or judgments in place --72.231.xxx.xxx |
Cloudy Title in PA (by Ed [PA]) Posted on: Jan 19, 2019 6:52 AM
Message:
Since you made a straight offer contingent on a clean title the closing agent will use the money from the sale to pay off the liens. You do not need to negotiate further, you do not need to negotiate with the lien holders. --71.112.xxx.xxx |
Cloudy Title in PA (by NE [PA]) Posted on: Jan 19, 2019 7:10 AM
Message:
Ed, he will need to negotiate if the seller plants his feet and refuses to close OR the proceeds don't cover the liens and the buyer wants them paid. The closing agent may have not known about the liens before hand. The SELLER may not even have known. He may be away of the judgements, but not the ramifications of them.
It's all negotiation until everything is signed and money changes hands. --50.107.xxx.xxx |
Cloudy Title in PA (by NE [PA]) Posted on: Jan 19, 2019 7:12 AM
Message:
*aware of the judgements, not away. --50.107.xxx.xxx |
Cloudy Title in PA (by Ray-N-Pa [PA]) Posted on: Jan 21, 2019 8:44 AM
Message:
Shift property into a family trust, and buy the beneficial interest of that trust.
Take it subject to all existing liens on the property and start talking with the lien holders.
Our sewer authority allows you to settle for up to 50% of the lien if they are getting ready to loose it at a judicial sale. The medical bill will also settle for about 30 cents on the dollar.
You can do what you want to do, but you need to be creative. That might mean not recording the new deed until this lien holders are paid.
Mike is absolutely right about the interest on these accounts which in Pa is up to 6% currently --72.23.xxx.xx |
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