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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] IRS lien - follow up Posted by Lorraine on February 27, 2002 at 5:14 AM I posted a while back about the house we're buying from the winner bidder at a foreclosure sale. The day we were supposed to settle on the property a large IRS lien was found on the property. Our seller has applied for a waiver of the right of redemption or a discharge of the lien. He's willing to pay a few thousand dollars to make the problem go away. Anyway, the paperwork was filed with the IRS almost 3 weeks ago. The last I heard, it had been forwarded to Atlanta. My questions are: 1.) What is the Atlanta connection? Is this a good thing or a bad thing? 2.) The IRS Manual said it should act on these requests within 20 days. How good are they at keeping this deadline? What happens if they don't act on the request? 3.) What happens if the IRS comes back with a figure higher than my seller is willing to pay? Does my seller simply wait for the 120 day redemption period to pass (it's up on March 21.) 4.) Is it too late for the IRS to redeem the property? As far as I know it hasn't solicited bids. It's my understanding that they can't even recommend redemption unless they have a guaranteed bidder. Is this correct? Thanks for your help, Lorraine Follow Ups: IRS's redemption routine after the auction sale. Ward-CA- 8:35 PM, 02/27/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I posted a while back about the house we're buying from the winner bidder at a foreclosure sale. The day we were supposed to settle on the property a large IRS lien was found on the property. Our seller has applied for a waiver of the right of redemption or a discharge of the lien. He's willing to pay a few thousand dollars to make the problem go away. Anyway, the paperwork was filed with the IRS almost 3 weeks ago. The last I heard, it had been forwarded to Atlanta. : My questions are: : 1.) What is the Atlanta connection? Is this a good thing or a bad thing? : 2.) The IRS Manual said it should act on these requests within 20 days. How good are they at keeping this deadline? What happens if they don't act on the request? : 3.) What happens if the IRS comes back with a figure higher than my seller is willing to pay? Does my seller simply wait for the 120 day redemption period to pass (it's up on March 21.) : 4.) Is it too late for the IRS to redeem the property? As far as I know it hasn't solicited bids. It's my understanding that they can't even recommend redemption unless they have a guaranteed bidder. Is this correct? : Thanks for your help, : Lorraine 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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