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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 41650
Experience:  Texas Attorney for 30 years dealing in real estate
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Arizona plot with a bank lien I have an acre plot of land in

Customer Question

Arizona plot with a bank lien
I have an acre plot of land in Arizona, sometime before I purchased the plot a 1/10 acre section with the utilities on, was split off. At a later date I attempted to purchase the small plot but the title search found a $200,000 bank lien on the plot so I did not proceed. Is there a protocol for buying a plot with a bank lien on - negotiations with the bank? The plot is pretty worthless as the land falls away on one side and is too small to build on without the adjoining plot that I already own.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.You can contact lender here about a pay off on the lien.You would set out justification for an offer here and see what they say.Obviously the lien here out strips the value of property and buyers would be real limited.You might try to have a local realtor give you a valuation for the property or check the appraisal.In my mind this might have real limited buyers given the facts.You would want to see if bank will negotiate here and how much reduction they are willing to take to resolve the lien.

This may take some work on your part here but it might be a bargain if lender will accept a serious reduction.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

Customer: replied 1 year ago.
I appreciate your answer but it would seem unlikely that the bank will negotiate with me as I have no connection with the land other than wishing to buy it. The bank is part of the Bank of Montreal I would have no idea who I could contact within the bank to negotiate with even if they would negotiate with me. The cost of the land would be $10,000 per negotiations with the current owner.
Expert:  Ray replied 1 year ago.

Sure contact information.

You can make the owner call with you , and see if they negotiate with him and you .

I appreciate the chance to help you today.Thanks again.

Expert:  Ray replied 1 year ago.

I would try to get the owner down, to me this is worth only $3-$5k with the lien on it.I mean not going to be many takers with such a lien.

Thanks again for the follow up.

Expert:  Ray replied 1 year ago.

If you can leave a positive rating when we are through it is sincerely ***** *****

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