Updated about 6 years ago on . Most recent reply
Property sitting on market for over 400 days with title lien
There is a property in my market that has been chilling on Zillow and other sites for 400 days. Whether or not this is 100% accurate, it seems like nobody wants to touch this property. It is a foreclosure being sold “subject to a first lien mortgage on the title. Buyer to be responsible for clearing any and all title issues.”
The house is listed WELL under comps in the area. As in several hundred thousand under. So my question is, why is nobody touching this place? Are there title issues that are bad enough that they would drive even investors away?
Your input is valued!
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#1 Foreclosures Contributor
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
It was a second mtg or junior lien that foreclosed...hence the “buyer is responsible for the 1st mtg” since it is still in place. This not some “title issue” that needs to be resolved, it is a mortgage that needs to be paid.
Of course, they should list it at market price with the Seller paying off the first......assuming the house is worth more than the mtg amount.
Find out how much the mtg is.....I’m guessing it won’t make sense at their asking price since it hasn’t sold. Just talk to the listing agent.