Selling property in Lexington can be a complex enough task on its own. But when issues arise that can affect the ownership of your home, you may have concerns if selling your house in Lexington is even possible. For instance, can you sell your house in Lexington if there’s a lien on it?
The short answer: yes, you can. However, depending on the type and status of the lien, it can be difficult to close the deal. It can also be difficult to find a buyer on the market ready to deal with the extra steps of buying a house with a lien. Here’s what you need to know if you decide to sell your house while it has a lien – and how Rylo Homes can make your selling experience faster and easier.
What Is a Lien?
A lien is your creditor’s legal right to claim your property if you’re ever unable to pay back your debt. If you’re unable to pay back your creditor and you go bankrupt, a lien gives your creditor the right to collateral like your Lexington home so that they can be paid back their debts if the property is auctioned off or sold. All homeowners who applied for mortgages to buy their home have a lien until their mortgage is fully paid off. In case you don’t meet your scheduled mortgage payments, your lender has the right to put a lien on your property. Once you’ve paid off your debt, your lender no longer has a lien.
While liens like these aren’t necessarily a bad thing, there are some forms of liens that can affect your credit score in Lexington or impact your financial stability. Liens for mortgages are voluntary since you’re giving a lien in exchange for a loan to buy your home. But if a creditor or government agency seeks legal recourse for unpaid debts because you’ve defaulted on a loan, they can put an involuntary lien on your Lexington property. This one can affect your financial standing in the future.
Ways to Sell Property with a Lien
You have several options on how to sell your house in Lexington with a lien. These include:
Pay Off the Lien Before Selling
To avoid the hassles of selling your property with a lien, you can opt to pay it before putting it on the market. If it’s possible to get a personal loan from someone you know, you may be able to handle the lien and clear all your debts. From there, you can sell your Lexington property and then use some of the proceeds to pay off your loan. However, not everyone has the financial means to do this.
Transfer Your Lien to a Buyer
Sell to a Reliable Cash Homebuyer
It can be difficult and time-consuming to find a buyer on the market willing to shoulder your lien. If you want the faster and more convenient route, you can choose to sell your home in Lexington to a trustworthy cash homebuyer like Rylo Homes. We buy homes as-is, regardless of your property’s condition and issues like liens that it may have. With our quick home buying process and our fair cash offers, we can work with you to get the outcome you want. We’ll take your unwanted property off your hands and help you pay off or transfer your lien.
Need to Learn More?
Having a lien on your property can affect the ownership of your home and your financial stability. If you want a fast, convenient, and practical solution to selling your house fast, contact Rylo Homes, the reliable cash homebuyer in Lexington, KY that can provide the solutions you need for your property.
Schedule your property viewing with our team today to learn more.
