Can you sell your condo with a lien on it?

Question

If your Homeowners Association has a lien on your condo due to some missed payments, can you still sell it??? Thanks in advance

Can't the amount owed for any oustanding lien be taken off the amount you recieve at the closing, do they really have to be paid up front??

Answer 1

Yes. You either have to settle the liens by closing, or get the lien holder to agree to take a secondary position to the new mortgage co (otherwise the mortgage co won't make the loan). Usually, this will be addressed in the sale contract and a separate check to the lien holder will be issued at closing. The new mortgage co. pays everyone off at once (the old mort. co., the lien holder, and you), if you can get that particular deal done. Otherwise, you'll have to settle the lien before the new co. will agree to make the loan.

If the lien stays on the property, the lien holder becomes the primary creditor, and can foreclose on the house ahead of the new mort. co. if it comes down to that. That's why the new mort. co. insists that the lien be settled, or the lien holder agrees to assume a subordinate position.

Answer 2

A lien on a property means that the lien has to be satisfied prior to the exchange of property. People by property with liens on them all the time at discounted prices. All it means is all lien is paid first before other monies are distributed. They just write it in as part of the sale.

Personally, I wouldn't sell property without a real estate agent.

Answer 3

Yes, but the liens must be paid before or during closing.

Answer 4

nope you must have a free and clear title all liens need to be paid back taxes paid etc....

Answer 5

Yes, but they will get part of the profit you make.