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Updated about 5 years ago on . Most recent reply
Possible to “subject to” with lien on property?
I found an off market property in which the owner had stopped paying her mortgage and foreclosure was imminent. I put in an offer to purchase the property for how much she owed on the mortgage. The day before closing my realtor contacted me and said that the lawyer had discovered a lien put on the property. Long story short, the seller could not close and the deal fell through at that point. This would have been my first investment property and would have been a good deal. Right now, I’m still trying to figure out if there is a way to make that happen.
My question is whether or not a “subject to” purchase would be possible in this situation? Does a lien prevent this type of deal from happening? If anyone has experience or insight into this I would appreciate your thoughts.
Thanks!