When you’re selling your home, a lien can derail your transaction – and it’s in your best interest to get it settled as quickly as possible.
Here’s what you need to know.
What to Do if Your Property Has a Lien Against It
If your property has a lien against it, there are a few steps you need to take:
- Make sure the lien is really your responsibility
- Get in touch with the lienholder
- Repay it or settle the issue
Here’s a closer look at each.
#1. Make sure the lien is really your responsibility.
The first thing you need to do is ensure that the lien is really your responsibility. Sometimes liens are put against the wrong properties because two people share a similar name; sometimes they’re liens against something a family member did. If that happens to you, it’s best to work with the title company to figure out what you need to do to resolve the issue. It may be as simple as providing a driver’s license or a verification of your birthdate.
#2. Get in touch with the lienholder.
If the lien is your responsibility, it’s imperative that you get in touch with the lienholder as soon as you can. Typically, the lienholder will want to make arrangements for you to repay the debt. Sometimes you can repay it from the proceeds of the sale of the house. If that’s an avenue you’re exploring, talk to the title company to figure out how to handle it. If you’re dealing with a tax lien, you may want to talk to a lawyer about your situation.
#3. Repay it or settle the issue.
After you’ve reached an agreement with the lienholder, put it into action. You may agree to make monthly payments, a lump sum payment, or pay the lienholder from the proceeds of the sale. Regardless of what you do, though, the lien has to be satisfied for you to sell your home.
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
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41 Popcorn Lane 100 & 102 Difficult Lane Aspen, Colorado
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