You are here:
- Home
- Real Estate
- Home Buying/Selling
- Buying or Selling a Home
- auto lien against home
Buying or Selling a Home/auto lien against home
Advertisement
Question
If I sell my home and there is not enough money left to pay for the lien what happens?
Barbara,
Unless you can work out some type of payment plan with the lien holder to remove the auto lien against your home or either borrow money to pay off the lien, it’s highly unlikely that you will have a closing.
This situation is what is referred to as a deficit closing, meaning the payoff of the home plus any/all liens of record and any closing costs of the Seller exceed the net amount the Seller would receive at closing, creating a deficit amount due by the Seller.
Unpaid liens convey “with” property being transferred, and a title search done either by an attorney’s office or a title company will disclose the lien.
Good luck to you, and write again if you have additional questions.
Regards,
Elizabeth
- Add to this Answer
- Ask a Question
| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you, I thought that would happen but was"nt sure. You have very helpful and I did"nt need to contact a attorney. | ||
Related Articles
- Establishing the Right Price - Real Estate Investing
- Real Estate Closing Procedures in North Carolina
- Selling Before Buying -Sell then Buy a Home - Concurrent Closings
- Resolving Home Repair Issues - Home Buying and Selling Advice
- Docments to Keep After Home Closing - Home Buying Documents to Keep After Closing
Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,Realtor®
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
liznarr
Expertise
I can answer questions relating to the purchase and/or sale of residential homes and land, including what a really good agent should be expected to do and/or not do; where to turn when problems occur; and questions regarding disclosure. I`m a Licensed Realtor in the Southeast since 1984 with designations of Broker, GRI, CRS, and CBR (Certified Buyer Representative). Current active and Life Member of Million Dollar Club, Certified by State Real Estate Commission to teach Pre-Licensing and Continuing Education courses, specializing in Agency. Currently serving on Grievance and Professional Standards Committees, and Education Committee in past.
©2012 About.com, a part of The New York Times Company. All rights reserved.