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Updated almost 4 years ago on . Most recent reply presented by

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Tax, SDIRAs & Cost Segregation

Sale doesn't cover lien (HELOC)

Guy Levy
Posted

What happens if we buy a house and then it turns out the seller has liens and a HELOC loan / debt that is larger than the sale price?

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John Teachout
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  • from Concord, GA
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John Teachout
  • Rental Property Investor
  • Concord, GA
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That's the purpose of the title search which needs to take place prior to closing. If the amounts are larger, the seller would have to bring cash to the closing. In most cases, a sale wouldn't work in this situation (or it would be a short sale)

Are you just wondering or are you in a situation?

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