Buying a Farmington Hills HUD home – Problems
Buying a Farmington Hills HUD home – Problems Sometime when buying a Farmington Hills HUD home there are problems that no real estate agent can solve. Only the title company and the seller can resolve them. Recently one of my fellow agents got this letter from the title company that was handling the HUD home his client was buying. There was a state tax lien on the property. Here is the letter. During a search of the above property a State Tax Lien was found against the Seller (HUD). Liens against the Seller attach to all the properties that are owned by Secretary of Housing and Urban Development. HUD is working diligently with the State of Michigan to resolve these issues but we have no timeline for their resolution. You have several options: -Notify the buyer of the lien against the property and obtain, in writing, their acknowledgement of the lien and whether they want to move forward. If a title company is involved, we would also need their acknowledgement that they are aware of the lien and will insure without exception to the lien. -If the buyer wishes to wait until the lien issue is resolved, we will continue to file extensions on their behalf at no cost to them. -If the buyer chooses to cancel the transaction, their EMD funds will be refunded upon submission of the proper “Cancellation Request Form”. Please have the reason for cancellation show as “State Tax Lien Issue”. Since HUD is in negotiations with the State, having the purchaser pay the lien is not an option. We apologize for this delay and will let you know once we have a final resolution from HUD. Feel free to contact our office if you have any further questions. So the bottom line is you have to make a choice to either not buy the home because of the tax lien. Or hope that the title company will insure the title over the tax lien. I would never buy a Farmington Hills homes that does not have the tax lien removed or the title company insuring over it. Michigan mortgages – explanation of escrows Hidden Lake, Green Oak, Michigan A tip to Metro Detroit foreclosure buyers Metro Detroit foreclosure and real estate information [wnt_grid keyid=”1″ title=”Homes for sale in Farmington Hills MI” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” single_family=”y” condo=”y” min_price=”200000″ max_price=”400000″ listing_status=”Active” county=”Oakland” city=”Farmington,Farmington Hills” /]
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