When most people think about real estate, the first thing that comes to mind is buying and selling. However, there is a lot more that goes into the world of real estate than just those two things. For example, did you know that judgments can be placed on properties? In this article, we will talk about what judgments are and how they can impact your real estate dealings.
Judgments Are Common
A judgment on real estate is actually quite common. If you have ever been to court or had any legal proceedings against you, there is a chance that a judgment has been placed on your property. Judgments can be placed on properties for a variety of reasons, but the most common reason is that the property was used as collateral for a loan. This means that if you default on the loan, the lender can take possession of your property.
Judgments Are Often Associated With Loans
While judgments can be placed on properties for a variety of reasons, they are most commonly associated with loans, and can even be purchased through places like Mayflower Judgments. If you have a judgment against your property, it is important to know that this can impact your ability to sell the property. In most cases, a potential buyer will not be able to obtain financing for a property if there is a judgment on real estate against it. This is because the lender will see the judgment as a risk, and they will not want to take on that risk.
If you are looking to sell your property and there is a judgment against it, you may have to pay off the judgment to sell the property.