Ten years ago my childhood best friend and I decided to buy some condos that were in Lawrence MA.
We held onto our condos for a few years and then we decided it was time to sell them.
We sold them at the start of the real estate boom, to the first investor we showed them too.
The units treated us well while we had them. We had great tenants and were set to make a handsome profit when we sold them.
At closing we were told there was a defect/lien on the title.
How did we want to settle up with it?
The person who had sold us the condos owed over $65,000 in back child support. He was so delinquent to the point where his property had liens placed on them!
Somehow the liens were not removed when title had been transferred to us. Since we had bought them outright “technically” we were liable for any liens on the property! We knew we were not liable but the buyer did not know so!
The city of Lawrence recorded the lien for the prior owner after we had taken ownership of the property.
All ended well as the error was reversed. We had a few moments of nervousness and a delayed closing but all went as planned!
One never knows what one will encounter in a real estate transaction!
In order to introduce ourselves to the Lynn area community Diamond District Realty is offering 50% of their commission when a home is purchased in: Lynn, Salem, Nahant and Swampscott! You need to close on or about July 1, 2009. The property purchased needs to have a purchase price of 250K. If the property is between 80k and 250k the rebated commission will be 35%.
Well it the best deal out there that we can find!
So here we are….!
Give us a call at 617.674.2977