Legal Question in Real Estate Law in Nevada

Re: Short Sale

Pretty simple. You offer what you consider a fair price for the property, and, if you contract, the contract requires him to clear the liens at closing and before title transfer, as well as any mortgages, etc. Then, you clear them at closing with your payment of the purchase price. Basically, he gets what's left, if any, after clearing all liens. If the total indebtedness and liens on the property exceed its fair market value, walk away.

Re: Short Sale

Normally a seller is required by the purchase agreement to give marketable title. That means the seller must clear off all claims against the property except those disclosed to you and accepted by you. Certain encumbrances - such as utility easements - are regarded as not affecting marketability.

A title company will do a search for liens and encumbrances and issue a title insurance policy. Be sure to get a policy that covers you as well as your lender, even if you have to pay for the extra cost.

Re: Short Sale

the answer would be way toooooo long based upon your facts -- also your facts are too confusing in terms of what the lender will "give" you, what the liens are and who pays them and the value of the property and what you are paying --- this is old hat to me so if you wish advice 925-945-6000

Re: Short Sale

In this type of situation, there are too many liens on the property. If you buy the first, then, the other liens could foreclose. Also, typically, the IRS has a priority interest in the property. You would be saddled with an IRS lien on the property unless the seller pays them off and the liens are cleared. Do not buy this property with the liens on it. Make sure the liens are cleared before the sale goes through. That means you have to have a contingency in the sale contract stating so. You should really hire a lawyer to assist you with this because there are too many encumbrances on the property which will ultimately affect its resale. Good luck and thanks for inquiring.