If I pay off the HOA lien for a house I am renting, will I be able to have any rights, title or interest into the house? The landlord cannot pay and may even have to file bankruptcy. Am I in a good position or a bad position to buy this house?
2006-12-26 04:21:08 · 4 answers · asked by Blitz 3 in Business & Finance ➔ Renting & Real Estate
Just paying off the lien does not give you rights to the house. You should verify with an attorney.
2006-12-26 04:30:39 · answer #1 · answered by txrealestateagent 3 · 0⤊ 0⤋
You're in a great position to buy this house. You don't have to get a U-Haul truck!!
Is your financing in place? I just read your past real estate posts, and it seems that lack of financing is why you're renting right now - is that right?
Whatever you do, DO NOT enter into a lease option, lease purchase, contract for deed, owner wrap, etc. on this house. You'll lose any money invested if id does get foreclosed.
If the house goes to auction and you have your financing in place, you can bid on it. It would probably be better to buy it from the seller before it gets that far though - if he has some equity in it. If he's upside down, you may not be able to get a good deal on it at all.
But just paying off the HOA lien won't get you the house.
2006-12-26 06:11:44 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋
No just paying off the lien just gives you a bunch of receipts. HOWEVER, if you have a lawyer he can draw up some kind of agreement and help you work out a deal. Everything is negotiable especiallty in Real estate.
Good Luck. Go for the win-win.
2006-12-26 04:26:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
An proprietor of assets can collect lease even regardless of the indisputable fact that the valuables is in the foreclosure technique. And get this, they'd even evict you and get a judgment against you in case you do no longer pay the lease up till the financial company forecloses on the valuables. in case you have a hire and the valuables gets foreclosed on till now your hire ends, then your in basic terms recourse is to sue the owner for breach of contract. Your damages would be the cost of the pass to a sparkling apartment. stable success
2016-12-15 08:26:06 · answer #4 · answered by shoaf 4 · 0⤊ 0⤋