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Home Buying in Glen Carbon : Real Estate Advice

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  • Home Buying4
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Activity 3
Wed Mar 17, 2010
Mom_of_too_many asked:
The seller's agent is making it sound like the lien will no longer exist. That isn't the case, someone else is just assuming the tax debt and they will need to be paid with i...
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Wed Mar 17, 2010
Nick Dailey answered:
The purchaser/investor of the tax lien will pay a portion of the outstanding balance, knowing when the property eventually tranfers, they will make money on the difference b/tw what they paid and what the lien is worth.

Taxes are always paid off first. The total amount of the lien(s) should be noted on the HUD1 as a seller expense. It shouldn't make much difference to you as the buyer. The only change will be who gets the money designated for the lien.
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Sun Nov 1, 2009
Don Tepper answered:
Sure you can. As others will point out, it'll violate the lender's "due on sale" clause, but that isn't a deal-killer.

The owner (the seller) would continue to pay for homeowner's insurance (and mortgage insurance, if he/she was paying that). The owner is still the owner.

You as the buyer would have a contract for deed, but wouldn't be the owner yet. So your insurance coverage would be renter's insurance.

Check with a lawyer for more information on contract for deed. And check with an insurance agent on who'd be responsible for what insurance.
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