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Updated about 1 year ago,
Negotiate Down a judgment\Lean before selling Commercial Property. Advice please
I currently have a commercial property that I have for sell and is under contract. I have had the property for many years since 2011. The property is being sold due to a divorce. While I was originally purchasing the property on an owner finance the previous owner had a judgment get attached to the property for 150K. I want to negotiate the lean down on the property. Currently the sell price is 250K and that will cover the lean of course. But I would like to go to the lean holders attorney who last contacted me about the judgement back in 2011 and negotiate it down. There has been no contact or attempt for them to collect since that 2011 initial contact. I believe due to the time that has elapsed that there may be some motivation to take less. It worth a shot Right...
Any Advice?
I don't plan on stating I am selling or have it under contract. That would leave no reason for them to negotiate with me.
Should I use the divorce or just leave it to I would like to clear title and that obligation to pay them to do it.
If I do get an agreement what should the agreement contain?
How can I get the title Co to accept the new agreement amount and not what they see on record? (Likely just take the agreement to be placed in escrow? Right?)
Thank you for your time and advice.