Will property debt kill this lead??
Hey BP!
In doing research on a lead, I was able to find that the property owner has a little over $7k in back taxes according to the tax revenue site.
I also was able to check other public court records by the owners name and locate documents that show unpaid utility bills ranging from a few hundred to a few thousand.
As I stated in a previous post, the owner of this property is renting out this house that has 3 units (1 unit is occupied). Of course from this same site, I was able to locate Landlord/Tenant court records that show the owner has been to court at least 5 times evicting tenants for nonpayment.
My questions are:
- If all goes well and I am able to get this property under contract, will the property owner be able to use funds that they will get from the deal to pay off the debt, specifically, the back taxes? For example, owe $7k back taxes, we agree to buy house for $20k – debt = $13. Or, does the owner need to come to the table with the money.
- Since the owner is renting out the home, are they responsible for paying the utilities that are behind? If so, can the above example apply to paying off this debt as well?
- Is personal debt found when doing title search?
Thanks