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Updated about 9 years ago,
Buying property with lien
I really hope some seasoned investors can help with this issue.
A duplex has come up on the MLS for 300K. It's in a highly sought after area and priced at $100 per sq ft which is well under market value.
The listing states the property has a large lien with the city. I called listing agent and he said there is a 600K lien and mentioned a bathroom which was built without permits. I looked up county records and the only document I can find is 1 work without permits warning letter.
I called the city to find out about mitigating the lien after I correct the violations. They said they do not discuss that until you actually become the property owner. My fear is buying a property and being stuck with a huge lien which the city won't reduce.
Does anyone have any history of buying a property with a large lien and if the city is happy to reduce or waive the fines (after violations are taken care of)? Or are they money hungry and just want to make as much money as they can?