Expired Builders Lien, How To Handle?

[Luke_Frerichs]

Hello,



If I came across a property, pulled title on it and saw there is a Builders Lien on it for$15,000 and it is passed its expiry date. So in other words if I was to buy then a few days after closing I could wipe it off my title pocketing 15K.






Really my intentions for this property is to flip it to one of my buyers.






Is there a way for me to protect and still profit from the expired Builders Lien while not disclosing to my seller or end buyer the fact that I know I can wipe that builders lien?






I have heard these days that doing a simultaneous close / Skip Transfer could be a way but if my buyer backs out that could cause a major problem plus the ultimate buyers lender wants to see me on title.






So is there some other way for me to take advantage of this situation besides buying this property outright? How would some of you deal with this scenario?






Cheers





Luke

 

[Thomas Beyer]

[quote user=Luke_Frerichs]besides buying this property outright? phone builder and ask him to take it off title for some consideration !



But best is: buy it, send notice to remove from title (30 days or so) .. then sell !

 

[Luke_Frerichs]

Thanks Thomas,



I guess that would be my only route to take.

 

[lanedry77]

Luke,



I don't know the exact process, but I know if Lis Pendence hasn't been filed within 6 months of a builders lein being put on a property, the lein is expired (as you said in your original post), and can be wiped off without the builders consent.



I suggest looking into it in more detail before wasting money to pay off the builder.





Thanks,



David.