Hi DG family,
I just spoke to a listing agent about a property that is a short sale and he told me that he will get a list of the liens for me so I can make an informed offer knowing all of them upfront. Is it normal in the short sale process (remember, I'm in CA) to have the buyer catch up all the liens on the property?
How does this work? Obviously, if there're liens, title will be clouded and they will need to be paid prior to closing. Does anyone know if this is the norm, or if its the norm for CA or how this works? Thanks!
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UPDATE:
I'll leave this post up for discussion, but I called the success academy and spoke to Nathan about this. Apparently, yes, liens can be expected to be paid by the buyer, but like any other costs, one can ask the seller to pay them. I'd never heard of this before, and the last time I made an offer on a short sale I didn't realize this, so when putting offers in a short sales, make sure to ask for a list of liens on the property.
I am glad you added info for everyone to see. Thanks!
Double post
Negotiate with the lien holder to accept less than he is owed on the lien