Buying a banked owned property with a lien
Hello my fellow investors.. I have an interesting situation with a bank owned property! I was suppose to close on November 1st, 2019, after learning that there was a $9,000 dollar lien on the property the closing was delayed. Here we are at the end of January still waiting for tittle to be cleared, the seller has stated that they have filed a court date to have the lien cleared, because of this filling the tittle company will now issue tittle insurance, which now obligates me to close with this lien on the property per the contract which states “seller to convey insurable tittle”. Has any one had any experience with this kind of situation? If I do close on the property what would incentivize the seller to clear the tittle after the closing? How long does something like this take to clear and what is the process like? This property would be a fix and flip so when I go sell it I would need the lien cleared. Any opinion from experienced investors would be appreciated.
Thank you
Nelson