InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: IRS and their Right of Redemption process. Posted by Ward-CA- on April 02, 2002 at 7:00 AM In Reply to: Re: IRS and their Right of Redemption process. posted by Sean Wagle on April 01, 2002 at 11:55 PM : : 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. : This is interesting to learn. It sounds like it isn't really the IRS you have to watch out for, but other foreclosure specialists. If your purchase was too "plum" then someone might take it away from you by joining with the IRS. : Although, this strategy wouldn't win you any friends in the auction pit. It's kinda like betting with the house at a craps table... =============== So that's why it's important not to visibly fix up the property nor evict the occupant for the 120 day time period. I go to the extent of renting to the ex-owner for 90 days and explain to them not to cooperate with anyone who wants to go inside and look around. I figure that nobody wants to put up a cash deposit without looking at the interiors first. So if they can't look maybe they'll pass. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : 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. : : This is interesting to learn. It sounds like it isn't really the IRS you have to watch out for, but other foreclosure specialists. If your purchase was too "plum" then someone might take it away from you by joining with the IRS. : : Although, this strategy wouldn't win you any friends in the auction pit. It's kinda like betting with the house at a craps table... : =============== : So that's why it's important not to visibly fix up the property nor evict the occupant for the 120 day time period. I go to the extent of renting to the ex-owner for 90 days and explain to them not to cooperate with anyone who wants to go inside and look around. : I figure that nobody wants to put up a cash deposit without looking at the interiors first. So if they can't look maybe they'll pass. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455