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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Need strategy advice, IRS ROR Posted by JD on January 08, 2002 at 7:47 PM In Reply to: Need strategy advice, IRS ROR posted by Jeff on January 08, 2002 at 6:32 PM I once made repairs to a foreclosure thinking that the IRS would'nt redeem. I'll never do that again. If possible, I'd board up the property, and remove the interior doors, cabinets and appliances. Mold is not something I know about, but perhaps you could do the remediation near the end of the redemption period if they are still looing for a guaranteed bidder. http://www.treasury.gov/auctions/irs/ : I recently purchased a home at foreclosure sale that has a $66k IRS lien on it. The house has mold problems that will take $10k to remediate, I'd like to put another $10k into it for remodeling and upgrading. : The bid price was $94k, market value will be $140-150k. The numbers are a little skinny but I wanted the house for a personal residence rather than a quick investment. : I'd like to get started on the remediation and remodeling as soon as possible, however I don't want to invest any more money in the property until the IRS is out of the way. : My question is, should I risk going to the IRS and requesting an offer-in-compromise and putting them on the alert? Or would it be safer to wait them out the 120 days for their ROR to expire and go from there? : Any suggestions?? Thanks! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I once made repairs to a foreclosure thinking that the IRS would'nt : redeem. I'll never do that again. If possible, I'd board up the : property, and remove the interior doors, cabinets and appliances. Mold : is not something I know about, but perhaps you could do the : remediation near the end of the redemption period if they : are still looing for a guaranteed bidder. : http://www.treasury.gov/auctions/irs/ : : I recently purchased a home at foreclosure sale that has a $66k IRS lien on it. The house has mold problems that will take $10k to remediate, I'd like to put another $10k into it for remodeling and upgrading. : : The bid price was $94k, market value will be $140-150k. The numbers are a little skinny but I wanted the house for a personal residence rather than a quick investment. : : I'd like to get started on the remediation and remodeling as soon as possible, however I don't want to invest any more money in the property until the IRS is out of the way. : : My question is, should I risk going to the IRS and requesting an offer-in-compromise and putting them on the alert? Or would it be safer to wait them out the 120 days for their ROR to expire and go from there? : : Any suggestions?? Thanks! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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