Will I be surprised at closing? - Posted by Stevo

Posted by Nate(DC) on March 03, 2002 at 23:52:40:

YES, they can and almost certainly will. So in other words the house has only $15K equity. Mechanics’ liens can attach within a certain period after the work is completed (check the law of your state - wherever that is - to find out how long) even if the owner sells the property during that time.

NT

Will I be surprised at closing? - Posted by Stevo

Posted by Stevo on February 25, 2002 at 22:58:41:

I’m currently pursuing a preforeclosure that’s hitting the auction blocks next Tuesday. It looks like the only way to save this one from the fire is with certified funds delivered to the lawyer for $5,500. (It has about $25K in equity.)

However, the seller has had $5,000 worth of siding put on the house and a new HVAC system installed for $5,000 in the recent past and those are still unpaid and will probably never be paid. He tells me there are no other liens on the house, including these two, and I’m having title checked to confirm. But could they ever be attached to the property if I buy it subject to the existing financing? Can these things show up in the future and bite me in the derriere?