Ask Experts Questions for FREE Help !
Ask
    loboen's Avatar
    loboen Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 19, 2010, 10:36 AM
    When does the buyer pay the judgement on a property
    I put an offer on a condo for 200k that is a short sale. The bank gave a counter offer of 205k with the condition that we pay the judgment that is originally 8000 but will be lowered to 2500. We countered offered wit 202,500 with a maximum payment of 2500 for the judgment. Then the bank countered 201k with 3000 for the judgment. The first concern is why do we have to pay the judgment. My broker said the seller has no money. I am not sure how short sales work in regards to who settles liens and judgments on the property. The second concern is that the judgment has to be settled in cash which will leave us with little extra money. I am not sure how to proceed because I cannot get hold of a lawyer. I would appreciate all advise. Thank you.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Aug 19, 2010, 10:43 AM
    Quote Originally Posted by loboen View Post
    I am not sure how to proceed because I cannot get hold of a lawyer. I would appreciate all advise. Thank you.
    Hello l:

    I don't know where you live, but here, there are lot's and lot's of them available for hire. If I were you, I'd spend my time finding one and hiring him to do the closing.

    excon
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can a buyer pay the credit card lien on a house [ 2 Answers ]

Putting in an offer for a great house but one that has 3 loans and 3 credit card liens. They're asking us to pay off the credit card debt amounts, but it wouldn't change the total offer since it would come out of our down payment. I'm guessing that just means that a portion of our down...

Buyer fails to pay for property, what are my rights to recouping property? [ 2 Answers ]

I sold furniture to my former roommate for $2500. I allowed her to "make payments" on the furniture. She made the first few payments, but then, defaulted. She has had the furniture for over 10 months, and has paid $1000 total. (It was supposed to be paid in full in 3 months.) I told her...

Texas - CC Judgement Can They Put Judgement Against Husband's Property only his name [ 1 Answers ]

Have been sent a summons and contacted attorney. While discussing lump sum settlement they hung up and said they would see me in court. I have tried to call back with no response. Can the judgement in court be put against property that is only in my husbands name?

Buyer stopped paying - don't want property back [ 3 Answers ]

Okay, this gets complicated. I will try to keep it as simple as possible. I have inherited this problem from my Dad, who is in his 80s and is in failing health. About 30 years ago, my father and his five siblings (living in Texas and Oklahoma) inherited property (a gas station) in Oregon from a...

View more questions Search