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I was negotiating a discount on a judgment against a seller on a house I was buying. I was not able to get the judgment discount finalized so I bought the house without paying off the judgment. The goal was to buy the judgment as opposed to just paying it off at closing in order to make the deal better. The seller was in a rush to move and I was able to negotiate good seller financing (the 0% interest kind), so I closed.
The judgment was $4,300 in 2001 and is now $9,000. I was first told that they would settle for 85% but would not assign the judgment for less than full value. That didn’t make sense so I kept working on it. My offer is now $6,200 but the judgment holder knows there is a sell of property involved and is asking questions about the house value and purchase terms. A trust now holds title to the house. I am looking for advice on how to proceed with negotiations with the credit company.
Also, what are the implications of buying a house “subject to” a judgment and negotiating a payoff later?
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