Our offer on a fixer trust sale was accepted TODAY. Yay! Because this was a very hot property we had offered a 15 day escrow and waived inspection and due diligence contingencies but still have our loan contingency in place. Despite asking multiple times about the status of solar on the house (leased, owned, etc) we couldn’t get any information from the listing agent or trustee prior to offers. No one seemed to know. Now that we have an accepted offer we’ve found there is a lien on the house for the solar. That’s the only information we have until the trustee investigates.
We have not yet transferred our earnest money yet and are concerned about this solar possibly being $20k in assumed financial responsibility being that we agreed to buy “as is.”
Our agent thinks we still have a safety net in our loan contingency because a lender could argue that assuming the lien debt changes the deal and won’t fund us.
Are liens included in “as-is” properties?
What possible scenarios can occur from here?
Help!
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source https://www.reddit.com/r/RealEstate/comments/evi6dm/found_a_solar_lien_on_an_asis_property_what/
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