When buying or selling a short sale it is important to check title to see if there are any junior liens that could come up. There could simple things that pop up such as garbage removal, sanitation or sewage fees, mechanic liens, or HOA fees. Property taxes must be paid , and they are senior to the mortgage. That means that they must be paid first. HOA fees are also superior to first mortgage and they must also be paid.
You could check title on your own by going to the courthouse and looking up the liens. This is the long way to do it and should only be used if you don't have a title company, or attorney who will do it for you. In Nevada, the title companies will do a short and check title before an agent lists the home. Ticor Title
All liens must be satisfied in some shape or form. So both buyer and seller beware this can kill your deal. As a buyer you need to be aware or you may get caught with extra charges, and seller this can happen to you too.
Short sales are a complicated process. Always be sure you have the correct agent. Why not contact us?
pyoestc21@aol.com, http://www.nevadainvestmenthomes/ for more home buying and selling info. Why not make us your one stop shopping center?
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