Buyers are often hesitant to purchase a house with a lien attached. If you’re in Cleveland Ohio, you might be wondering if it’s possible to sell a house with a lien. The good news is that selling a house with a lien in Ohio is indeed possible, especially when dealing with a cash buyer like Sell Your House Fast.
What is a Lien?
A lien is a legal claim against a property that ensures a debt is satisfied before the property can be sold. Essentially, a lien grants the lien holder a legal interest in the property. Ohio recognizes various types of liens, including:
- Judgment liens: When a creditor files a lawsuit against a homeowner and obtains a judgment, a lien is attached to the real property until the debt is paid or the judgment expires.
- Mechanic’s liens: Builders or contractors can place this type of lien on a property if the homeowner fails to pay for construction work done on the home.
- Tax liens: The IRS or the state of Ohio can place a lien on a property for unpaid taxes.
- Mortgage liens: When a person signs a mortgage agreement, a lien is placed on the property, making it collateral for the loan.
Checking for Liens on Your Home:
Prospective buyers in Ohio are advised to check the property records to ensure a clear title before making a purchase. Failing to check for potential liens can result in passing the initial debt to the new owner. To determine if there’s a lien on your home, you can visit the public records section of the county clerk or county recorder’s website and search for liens using your property address.
Duration of a Lien:
In Ohio, a lien typically lasts for approximately five years on a piece of real estate. However, the duration may vary depending on the type of lien. The state of Ohio has specific procedures for lien expungement based on the lien type.
Resolving a Lien:
If you discover a lien on your property, check to ensure it hasn’t been paid but not automatically removed. In such cases, you’ll need to contact the lien holder directly and provide proof of payment to have it removed. Alternatively, if the debt remains unpaid, you can pay it off and request the lien’s removal.
Options When Unable to Pay the Lien: Not everyone can afford to pay off liens. If you find yourself unable to pay, there are still options available. You can sell your property with the lien attached if the buyer is willing to pay off the lien at closing or if the sale proceeds are sufficient to satisfy the lien before you receive your portion.
In Summary: Can You Sell a House with a Lien in Ohio? Absolutely! Although selling a home with a lien can be challenging in the open market, Sell Your House Fast is here to help. With our experience in dealing with all types of liens, we can assist homeowners in selling their homes quickly, allowing them to move on with their lives. Contact us today to receive an offer or learn more about the process. We also specialize in assisting seniors selling their homes, navigating foreclosure issues, and handling probate cases.
Contact us today to get your offer or learn more about the process.
We also deal with Seniors selling their homes, foreclosure issues or probate.