Dear BP Experts:
Was looking at a home up for short sale in GA (Fulton county) and planning to put in an offer. See some liens (FIFA) against the property. Is it safe to assume that if the short sale goes through, the title received will be free and clear of all liens?
A quick search I did on the web for my own education revealed:
A FIFA lien is a legal writ that has been issued by the tax commissioner against a taxpayer so that his/her property can be seized. This is done with the intention of selling the property to satisfy the tax amount.
Yes, your purchase contract will be for free and clear title. Depending on who owns the loan being shorted, will determine how much the 1st mtg will contribute to junior/other liens. You may want to lower your purchase contract price, with the expectation of kicking in additional cash that junior/other lien holders require, and not covered from the 1st mtg. If the listing agent is on the ball, they'll know of this is a likely scenario, depending on who the lien holders are, and how to structure an offer.
Thanks Wayne. Appreciate your quick feedback.
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