Nancy Colon Realtor

A huge congratulations to my first time home buyer ! 🏠 I would be lying if I said this process didn’t come with any challenges, but I always assured we will make it to the finish line and we sure did ! Thank you for putting your trust in me, and letting me guide you through this process. You did it ! 🎉🎊🍾

Property Liens That Can Stop A Sale

One of the most common reasons for a home sale to fall through is the presence of property liens. Often the sellers are not even aware they have a lien on their home and the delay caused by having them removed can cause a qualified buyer to look elsewhere.
Along with other pre-listing tasks, such as repairs and curb appeal projects, sellers should order a title search to determine if any liens are on the property. Some liens are expected, such as the mortgage lien which ensures any home loan is paid off at the time of close, but others might come as a surprise. Here are a few liens which can derail your closing.

· Mechanics Lien – A contractor may place a mechanics lien on your home to make sure they are paid after a home project.

· Divorce Lien – Even if you and your spouse have agreed on the sale of the home, the court may need to approve the sale before the lien can be removed.

· Homeowner’s Association – Past due HOA payments and assessments can lead to a lien on the home.

· IRS and Property Taxes - A government legal claim against your property when you neglect or fail to pay a tax debt.

· Judgment Liens - Is a court ruling that gives a creditor the right to take possession of a debtor's real or personal property if the debtor fails to fulfill his or her contractual obligations.

· Credit Card Liens – If you default on a credit card and the issuers get a judgment, they can attach a lien to your property.

Liens must be dealt with before a home can change title. Often the lienholder will negotiate the payment, but others will want full payment before releasing the hold. Either way, dealing with liens can take time and money. It’s always best to remove liens before listing your home for sale.

Happy February 1st ! Can you believe we’re already on the second month of the year !

If you are on the fence about becoming a home owner here is a reframing exercise.

For example, instead of “I can’t afford to become a homeowner,” try, “I can create a home budget that works for my needs.”

If you are thinking about purchasing a home, but don’t know where to start please shoot me a message and I’ll be more than happy to help. If you have any general questions you are curious about I’ll be more than glad to answer any😊.