Plenty of problems can preexist if you are receiving a home through a family member who has passed. Even if you own the house, a few bad events or decisions in the past caused a cloud on the title of your home. We found that title issues have been on the rise in the past few years, with plenty of homeowners looking to “sell my house fast Philadelphia” If you have any title issues on your home, this could cause you not to be able to sell or a longer closing process. If you work in real estate or have ever tried to sell a home, you are familiar with title issues you may face. If you are looking to buy a home, you may want to make sure you receive title insurance and purchase the property. It is an insurance policy on home ownership protecting you from any previous owners’ debts. It is a significant thing to have if buying a home. Suppose you are an investor looking to re-sell the property not long after buying it. You could be stuck paying for a previous owner’s mistakes. When we buy houses, we want to ensure the transaction goes as smoothly as possible. What type of problems will one face when dealing with title issues.
Existing mortgage
This is the most common one you would find, though it isn’t much of an issue and is quickly resolved. It must be satisfied before a new buyer can obtain title on the new home. Most people sell their homes before paying off their original mortgages. What will need to be done is you need to speak with the bank or lender you have your mortgage through. Have them send the title company where the title is open with the satisfaction of the mortgage piece. It will be in the amount you owe left on your mortgage because your mortgage needs to be paid off before selling your home.
Property Taxes
This one is a massive hold on transferring title when selling your home. Everyone is expected to pay a certain amount each year in property taxes. Sometimes as homeowners, we may fall behind on our taxes. In some instances, this amount can become a high number. It will need to get handled before moving any further when it comes to selling a property. It will always show up when you do a title search. You can even find this number from your local county tax website. Every area in the United States of America has one of these websites for homeowners to pay their taxes. A sale cannot be finalized until every bit of taxes is produced from the proceeds of the sale.
Utilities Not Paid
It is another common one that can prevent a sale from going through. It is also straightforward to get behind on a few missed water or gas payments. If you do not pay these bills, you can end up owing the total amount plus interest when it comes time to sell. Plenty of times, a homeowner falls behind on paying their utility bills their utility gets shut off. However, not all the time is this the case; certain areas are not allowed to shut off certain utilities. Therefore, the bill amount gets higher over time.
Judgment liens
Judgments can be when someone sues you, or the city or township may slap a violation on your home. Usually, you will see slip and fall liens, lawsuit proceedings, clouds in the title. Townships or cities can site you for overgrown grass, fines for property’s condition of the front of your home, and even trash violations. There are plenty of different violations that can get attached to a home. If a dispute occurs where a tradesman works on your home and does not get paid, they can secure a mechanics lean on the house. It means you may be responsible for paying them before you can sell your home. These are usually the most complex and most difficult to dispute. You may not be able to negotiate the price owed or even be able to talk your way out of paying the total amount.
Solutions to getting your home sold
Suppose you find yourself with a lot of money owed on your property. You can always turn to cash home buyers to “sell my house fast New Jersey.” They work with homeowners to resolve these issues that people come across. They usually build relationships with title companies to get anything they can remove from the title. No matter how big or small, this will allow the homeowner to walk away with more money. If you own a home and face this dilemma, make sure you are aware of what your home is worth. This way, you can sell for the right price and walk away with something from the sale of your home. If you are in debt, you can fear losing the house. Be aware of how much you need to sell your home to walk away with something from the transaction.
