Can you sell a house with a cloudy title? Yes, but there are some hurdles you need to pass before you can sell your home. Here’s what you need to know.
When your home has become more trouble than it’s worth, the best solution is to sell it. That way, you can take the proceeds from the sale and use it to pay off debts and start a new chapter of your life. Unfortunately for some homeowners, selling won’t be so easy because they have a cloud on title.
If your home has a clouded title, it simply means that your home in Cleveland has property title issues – such as liens, foreclosures, probates, and other issues – that can prevent you from selling your home like most homeowners can. While it is possible to still sell your house, you might have to go through a couple of hurdles before you can do it. Here’s what you need to know about selling a home with title issues.
Why Do I Have a Clouded Title?
A clouded title is one where you have issues in terms of ownership and possession of your home which can allow third-parties to stop your sale. In other words, when your title has issues, you don’t fully own the property, which means you can’t just sell it whenever you want as others – like banks, lenders, and your creditors – may have a legitimate claim for your property. This is often due to existing issues such as:
- Foreclosure – when you’ve missed your mortgage payments and your lender has the right to claim your home.
- Liens – unpaid debts where your creditors have a right to put a hold on your property and prevent it from being sold.
- Probate – when you’ve inherited property from someone who may have debts, so your ownership may be examined by the court.
- Fraud – in case of legal claims where the true ownership of the property may be questioned in court.
- Misspelled property address or name on the deed – this can cause confusion when conveying the title.
- Improperly recorded deed – in case the deed was signed but not properly recorded.
- Unpaid property taxes
- Pending lawsuits
Some of these issues can be cleared up with the help of a real estate lawyer. They can help you clear your title and make it easier for you to sell your home. However, keep in mind that this can be a costly and lengthy process, depending on the reason for your cloud.
Can I Sell My Property?
The short answer – yes, but it depends on certain factors. For instance, if you’ve missed several mortgage payments, you may still be allowed to sell your house in Cleveland through a normal sale. But once you’ve received a notice of foreclosure from your lender, you’ll need their permission to sell your property, and may have to do so through a short sale. Some clouds and other title issues can be quickly resolved, while others may need the help of a real estate lawyer.
Once you’ve undergone the hurdles of dealing with your title issue, there’s also the matter of disclosing the title issue to potential buyers. If you’ve managed to clear your clouded title and it no longer affects your property, you don’t have to mention this to buyers. But if the cloud is still there and can affect the marketability, value, and ownership of the property, you’ll be required to disclose these title issues with the buyer.
Managing Your Expectations
Given the effects your title issues can have on your property, it’s best to manage your expectations on the offers you’ll get when you list your property on the market. Clouded titles are one of the reasons your property value may drop, which is why buyers won’t be keen on providing market value offers.
In addition to the issues they may have to deal with once they buy your house, buyers will find that most banks won’t approve mortgages for those planning to buy property with a cloudy title. This means it can be difficult for typical buyers to apply for loans to buy your property.
Sell to a Professional Home Buyer!
If you still want to get a fair price and sell your Cleveland home fast, your best solution is to approach a cash home buyer in Cleveland, OH like RC Home Buyers. We buy houses in Cleveland, Ohio regardless of its condition or title issues – we’ll still give you a fair price on your home within a quick selling period.
Our homebuying process is simple and efficient. Give us a call and we can schedule our property viewing to see your home. Within a couple of working days, we’ll send you a fair, no-obligation cash offer for your property. If you accept, we can begin the closing process. We’ll handle all the documentation and any additional closing costs and processes to get through the hurdles of selling a home with title issues.
Contact Us Today to Learn More
Title issues can be difficult to maneuver and can hinder you from selling your home. But rather than the high costs of legal fees and lowball offers that await you on the market, why not choose the more practical alternative? With a cash home buyer, we can buy your home directly without waiting for a buyer on the market.
Contact RC Home Buyers today to learn more about our home buying process.