Did you know that as many as 60% of new housing construction homes were found to have code violations? Are you trying to sell a home with housing code violations? If so, then you’re in the right place.
So, if you’ve found home inspection code violations or have a lien on a house, then keep reading to get our top three tips to sell your house today. Don’t start the process of selling your home with a lien without reading this first.
1. Determine the Type of Lien or Housing Code Violations
Our first tip for any homeowner with a lien is to determine what you’re dealing with. What type of lien do you have against your home? This information will help you move forward with your sale.
A mortgage is one form of lien a property can have. A property can be sold prior to a mortgage lien being paid off. The balance owed will be paid at the time of closing on the sale. If you owe more on the mortgage than the sale price you can still sell. However, you will need to come out of pocket for the deficit.
Contractor liens and code violation liens are two more types of liens. Neither will prevent you from selling a home.
Here in Austin, the city can inspect your property due to a complaint from a neighbor or housing association. You must either give them permission to be on your property or they need a search warrant. Austin homes must stay in compliance with city ordinances concerning illegal dumping or zoning. How extensive would the repairs be to bring your home into building compliance?
Foreclosure or tax liens are also possible. You can still sell your home if you owe back taxes or have a foreclosure pending.
House liens won’t stop you from selling. But they can make life difficult. Take the time to figure out what you have and how much you owe so you can tackle your problem head-on.
2. Factor Your Lien or Fixes Into Your Sales Profits
If you don’t have the money upfront to take care of your lien or fix the house code violations, then one viable option is to factor it into your sales profits. When you sell your home you’ll disclose the lien or violations and ensure the buyer that it will be taken care of with the funds from the sale.
You’ll need to ask the creditor for a payoff letter. Then simply provide this letter to the escrow company and they’ll take care of the rest. This can be a viable option if you have enough equity to still walk away with enough profits to move to your next home.
3. Sell for Cash
Depending on your local laws, you may be able to sell your house for cash even if it has a lien on it. The buyer would assume the risk of the lien and wouldn’t be able to sell the house without first taking care of it. In addition, if your home has housing violations that require costly upgrades selling for cash is a great option for many homeowners.
There are certain buyers who are willing to take on a house even with code violations or liens if they think they can still make a profit. If you need to get out of your home quickly then this could be the best option for your circumstances.
Follow These Tips for Selling a Home With a Lien
From dealing with housing code violations to selling a home with a lien, we understand that life happens to good people. You need to move quickly but you feel trapped. We can help you get a fair price for your home and move on with your life.
Here at Lisa Buys Houses, we’re familiar with working with homeowners dealing with building code violations and home liens. We can help you get out of your home quickly with a fair cash offer.
If you need to move due to a job transfer, divorce, or other life challenges then we can help you. Reach out to us today to see how we can offer you a fair cash offer on your terms and help you close in as little as seven days.