Legal Question in Real Estate Law in Oregon

I have been trying to sell my house on my own with no luck, I do not owe the bank a lot but their are other liens on the house that would be over the sale price, I wanted to make sure if I brought a real estate company into the loop that they would get their fees paid. In what order to things get paid? I want the bank, the 2nd place, the taxes , the LID, the real estate agents and then the other liens as much as possible. I was told by a real estate agent I could get a sale real quickly if I priced the house at 199,999.00. I could let it go back to the bank but their would be about $50 to 60 thousand in equity that I would lose and so would the other lien holders.


Asked on 9/11/09, 2:55 pm

1 Answer from Attorneys
Susan Burns Law Office of Susan Ford Burns

If the liens exceed the value of the house, you have no equity. If you want to sell the house, you will have to negotiate with the lien holders to have them release the house from the lien. It is unlikely that they will release the property if you stand to receive any money from the sale.

Although usually the sale costs come out of the sale, that, too, is subject to negotiation in a situation where there is not enough money to pay everyone.

Read more
Answered on 9/16/09, 5:01 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Oregon