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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Making offers to IRS, etc. Posted by Ward-CA- on May 24, 2002 at 8:58 AM In Reply to: IRS posted by stephanie on May 21, 2002 at 2:07 PM : Ward, : You have often written about submitting an offer in compromise to try to settle IRS tax leins on properties purchased at foreclosure. However, the offer in compromise form provided by the IRS specifically says that the person with the lein has to submit the form with financial information, signatures etc. : When the old owner is gone and/or not interested in cooperating, what do I do? What phone number would you use to contact the IRS in this case? I have called a half dozen numbers and am getting nowhere. The property is in Utah. Also, how long does it take to work out an agreement once I find the right person to talk to? : 2nd issue: : I am looking at another property that goes to sale next week. Opening bid should be 150K by Wells Fargo. It has 40K in IRS leins behind it. The place is worth about 190. Wells fargo said they wouldn't sell the Note & TD at a discount and just referred me to the Trustee. : If I wait until it becomes REO do you think they would sell at a discount due to the ROR? If so, how much would you suggest offering? Would you send the offer and Earnest Money back to the bank through the foreclosing attorney at the sale? : Thanks a million for the wonderful site! : Stephanie =•=•=•=•=•=•=•=•=•=•= Stephanie, First Issue: The old owner has nothing to do with the offer made to IRS by the owner-by-foreclosure who is seeking to shorten the 120 Right of Redemption (ROR) time period that IRS has after the foreclosure auction. The phone number I use is the one listed on the recorded federal tax lien and the party I ask for is the revenue agent listed thereon also. Second Issue: Wells Fargo knows that it can’t sell the property to anyone after the foreclosure auction, during the 120 day ROR period, unless they get an early release from IRS. But I guess you could start your purchase negotiations prior to the expiration of the ROR, with the condition that title is to pass after the expiration of the ROR. I’d make my offer directly to the bank rather than through the foreclosing attorney. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : You have often written about submitting an offer in compromise to try to settle IRS tax leins on properties purchased at foreclosure. However, the offer in compromise form provided by the IRS specifically says that the person with the lein has to submit the form with financial information, signatures etc. : : When the old owner is gone and/or not interested in cooperating, what do I do? What phone number would you use to contact the IRS in this case? I have called a half dozen numbers and am getting nowhere. The property is in Utah. Also, how long does it take to work out an agreement once I find the right person to talk to? : : 2nd issue: : : I am looking at another property that goes to sale next week. Opening bid should be 150K by Wells Fargo. It has 40K in IRS leins behind it. The place is worth about 190. Wells fargo said they wouldn't sell the Note & TD at a discount and just referred me to the Trustee. : : If I wait until it becomes REO do you think they would sell at a discount due to the ROR? If so, how much would you suggest offering? Would you send the offer and Earnest Money back to the bank through the foreclosing attorney at the sale? : : Thanks a million for the wonderful site! : : Stephanie : =•=•=•=•=•=•=•=•=•=•= : Stephanie, : : First Issue: : The old owner has nothing to do with the offer made to IRS by the owner-by-foreclosure who is seeking to shorten the 120 Right of Redemption (ROR) time period that IRS has after the foreclosure auction. : The phone number I use is the one listed on the recorded federal tax lien and the party I ask for is the revenue agent listed thereon also. : : Second Issue: : Wells Fargo knows that it can’t sell the property to anyone after the foreclosure auction, during the 120 day ROR period, unless they get an early release from IRS. : But I guess you could start your purchase negotiations prior to the expiration of the ROR, with the condition that title is to pass after the expiration of the ROR. : I’d make my offer directly to the bank rather than through the foreclosing attorney. : Hope this helps. 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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