Posted on: 28th Jul, 2011 10:20 am
My wife and I found a house in NH, we live in FL. We placed an offer that was accepted by the Office of guardianship (the owner was deemed unable by the courts to make decision and she is in a nursing home). Title company has informed us there are 2 liens, one from Medicaid and another one from the Nursing Home. Total of the liens exceeds our agreed purchase price. What do you think? We really like this place and we planned for this to be our summer home in retirement. (5 years). We are not financing and we dont mind waiting.
What do you think?
What do you think?
Have you been given any indication that the lienholders are insistent on being made whole, i.e. receiving 100% of what they're owed? This is what would ordinarily work as a short sale transaction, but you've obviously got no conventional lender holding a mortgage.
There's going to need to be a negotiation, it would seem. The "Office of Guardianship" seems to have been short-sighted in its "rush to judgment" and allowing for the sale price to be insufficient to pay those liens.
There's going to need to be a negotiation, it would seem. The "Office of Guardianship" seems to have been short-sighted in its "rush to judgment" and allowing for the sale price to be insufficient to pay those liens.
I personally would not be interested in a house with a lien on it. I feel bad for the situation at hand, but I would tell the people that the liens would have to be taken care of before we can close, Because they can not give you a clear title to the property if there are liens on it. I'd rather have a clear title when I am buying a house. I'd make sure that was a contingent when buying the home. :)
Just my 2 cents, hope it helps.
Just my 2 cents, hope it helps.
