Being a homeowner on Long Island is not a simple or cheap job. If you’ve only been occupying your home for a few years, then you likely have mortgage payments to make, along with other expenses. Utility bills, property taxes, and other costs can be overwhelming, especially when other life expenses get in the way. Medical expenses, job-related investments and other issues can inhibit your ability to pay off loans. If you find yourself unable to pay off these loans, then your private lender or another party may put a lien on your home. In situations like these, selling your home for cash is generally the best option. Read on to learn more about liens, and your recourse as a Long Island homeowner.
What is a Home Lien?
Having a lien on your home can make selling your home– which is already a difficult process– even more complicated.
Liens on your home result from homeowners failing to pay debts owed to lenders. When the homeowner fails to pay the agreed upon amount, the other party may put a lien on your home to claim the property. This lien goes on public record, and is used as a way to collect these unpaid debts. The lien then becomes attached to the property’s title. This means that, if the homeowner were to sell the property to earn new funds, then the lien would be transferred to the buyer. Liens are a major red flag, and can make selling your home through a realtor to a buyer nearly impossible. Instead, you’ll likely have to sell your home for cash– which can actually be beneficial for you.
What Are the Different Types of Liens?
While mortgage liens are common, they are not the only types of liens that may be placed on your home. If you owe lots of money for utilities, then the local government could make a claim on your home. The same is true for property taxes– the IRS frequently places liens on homes for unpaid taxes.
Contractor liens are another common issue that homeowners face. If your home requires expensive maintenance work— such as foundation repairs, electrical work, or a water heater replacement, then this can be quite expensive. If you cannot pay the contractor for services already rendered, they may attempt to earn this money through a lien.
Regardless of the type of lien, this can be a daunting and unsettling issue to resolve. If you are simply looking to move on after this unpleasant experience, then selling your home for cash is your best recourse.
What Are Your Options?
If you find yourself with a lien on your home, then there are a few options. If you find an additional source of income and are able to pay off the lien, then this is the optimal resolution. However, this is not always possible.
Another common way for homeowners to handle this issue is to negotiate with the lien holder. This may reduce the lien, or remove it altogether, but it requires skill, nuance and resources. WIth a major lien on your home, it’s unlikely you’ll be able to settle this issue. And, without the optimal results, this may leave you worse off than before. Selling your home for cash is often the ideal way to resolve a home lien issue.
Selling Your Home for Cash
Properly resolving a home lien issue can be time-consuming, and ultimately, cause you to be financially worse off than before. In most cases, selling your home for cash can resolve this issue. Qualified home buyers can take stock of the situation and help you to overcome these challenges quickly and without further loss.
When you sell your home for cash, you can avoid the complicated (and often technical) process of handling these liens. A quick process also means minimal time spent paying property taxes, utility bills, and the other costly expenses that landed you in this problem in the first place.
Home buyers also make this process seamless for you. In a conventional home sale, you may have to make home repairs, clean your home, and spend time removing junk. When you sell your home for cash, you can bypass this process, and allow the home buyer to take care of it. This process also allows you to save on expensive realtor costs, which are a major pitfall in conventional home sales. Finally, you can also save on closing fees.
Atlantic Shores Home Buyers
At Atlantic Shore Home Buyers, we are dedicated to quick home sales that allow you to quickly move on. Selling your home for cash will help you to move on without any difficulty. If you have a lien on your home, or another issue that is causing you to sell your home, contact us for a same-day offer and nearly immediate payment.