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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] IRS and their Right of Redemption process. Posted by Ward-CA- on April 01, 2002 at 8:41 PM In Reply to: IRS R.O.R. posted by Kevin on April 01, 2002 at 3:33 PM : Hello Ward, : In your experience, have you known the IRS to gauge FMV on the Assessor's information, or comp's in the area? In several posts, I know you suggest contacting the IRS with a $1K offer to avoid the 120 day ROR period. I'm looking at a TS as a second/vacation home, so I may wait for the 120 days to pass. Yes, if I do wait the 120 days, I know, from researching posts regarding ROR's, not to perform any improvements prior to the 120 days passing. : Do you suggest paying property tax liens during the 120 days? I know the IRS, if they choose ROR, will pay highest bid, and 6% interest. What about the property tax liens? Have you heard of IRS reimbursing the property tax paid after TS by the high bidder? : Thanks for any information you can provide, : Kevin =•=•=•=•=•=•=•=•=•=•=•= Kevin, IRS won’t redeem unless they have someone agree to be a “guaranteed bidder” by depositing with IRS a cash guarantee in the amount of 20% of IRS’s planned opening bid at their redemption sale. Generally the party that ultimately becomes the guaranteed bidder approaches IRS, inquiring if the service would consider redeeming a particular property. IRS’s response is to ask the inquiring party to fill out paperwork that asks for their opinion of the property’s fair market value, rehab estimate, property taxes owing, amount of any existing senior liens, etc. If IRS redeems they will reimburse the owner-by-foreclosure the amount of their winning bid plus 6% interest on that sum for the 120 days. In addition, since property taxes are the most senior lien against real property, IRS will reimburse for that expense too—including any late charges. IRS will also reimburse for fire insurance premiums and any payments on remaining senior liens that the winning bidder paid for between the auction date and when IRS actually redeems. Follow Ups: Re: IRS and their Right of Redemption process. Sean Wagle 11:55 PM, 04/01/02 (1) Re: IRS and their Right of Redemption process. Ward-CA- 7:00 AM, 04/02/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Hello Ward, : : In your experience, have you known the IRS to gauge FMV on the Assessor's information, or comp's in the area? In several posts, I know you suggest contacting the IRS with a $1K offer to avoid the 120 day ROR period. I'm looking at a TS as a second/vacation home, so I may wait for the 120 days to pass. Yes, if I do wait the 120 days, I know, from researching posts regarding ROR's, not to perform any improvements prior to the 120 days passing. : : Do you suggest paying property tax liens during the 120 days? I know the IRS, if they choose ROR, will pay highest bid, and 6% interest. What about the property tax liens? Have you heard of IRS reimbursing the property tax paid after TS by the high bidder? : : Thanks for any information you can provide, : : Kevin : =•=•=•=•=•=•=•=•=•=•=•= : Kevin, : IRS won’t redeem unless they have someone agree to be a “guaranteed bidder” by depositing with IRS a cash guarantee in the amount of 20% of IRS’s planned opening bid at their redemption sale. : Generally the party that ultimately becomes the guaranteed bidder approaches IRS, inquiring if the service would consider redeeming a particular property. IRS’s response is to ask the inquiring party to fill out paperwork that asks for their opinion of the property’s fair market value, rehab estimate, property taxes owing, amount of any existing senior liens, etc. : If IRS redeems they will reimburse the owner-by-foreclosure the amount of their winning bid plus 6% interest on that sum for the 120 days. In addition, since property taxes are the most senior lien against real property, IRS will reimburse for that expense too—including any late charges. : IRS will also reimburse for fire insurance premiums and any payments on remaining senior liens that the winning bidder paid for between the auction date and when IRS actually redeems. 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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