Skip to main content

Seeking Advice on Obtaining a Partial Release of Lien for Land

I'm in need of some advice and guidance regarding a recent land transfer and the process of obtaining a partial release of lien. I'll try to keep it concise, so here's what's been going on:

Background: Last week, my stepdad and I successfully completed the transfer of 8 acres of land from my parents to my wife and me. We are trying to use this land as equity to purchase a manufactured home to put on the land.

Issue: However, we recently received an email from our lender stating that a partial release of lien is required for the 8.225 acres to clear things up. We were aware of potential liens on the property, but we didn't anticipate this specific complication.

Questions: I'm curious if anyone has experience with obtaining a partial release of lien and how challenging the process can be? I've read that it may vary based on the lienholder's cooperation and the required

Any Advice is Welcome: We would greatly appreciate any insights, experiences, or advice from the Reddit community. Your expertise could make a significant difference for us as we navigate this process.

Thank you all in advance for your time and support. Your input means a lot to us, and we're looking forward to your responses.

submitted by /u/Sharp_Nothing_4201
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/156jfk6/seeking_advice_on_obtaining_a_partial_release_of/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/