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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Clarification of my IRS Question Posted by Ward-CA- on May 25, 2002 at 7:14 AM In Reply to: Clarification of my IRS Question posted by stephanie on May 24, 2002 at 10:39 AM : 1. I understand what you are saying about negotiation to shorten the ROR. Your recommend offering 1000 to remove the ROR, right? I was hoping to know if you can to negotiate before the sale to remove the lein so I could buy the property before my competitors get a chance to bid at the sale. : 2. Are you sayin that Wells Fargo cannot sell before the IRS ROR is resolved? Or can they sell but not give clear title until the ROR is resolved? If they can sell immediately, wouldn't they sell at a discount to get rid of the property? I can rent it back to the ex-owner after the bank takes it at the auction and I buy it from the bank. After the 120 days I'd sell it. : Thanks Ward! ================ Stephanie, 1. You can negotiate with IRS at any time you intend to take title to the property, whether that’s before or after the sale. 2. Yes, I’m saying that for all practical purposes, if you are attempting to sell a property where IRS’s ROR has not yet gone stale, that you won’t be able to sell at that point if an escrow and/or title insurance is involved in the resale. I don’t think that Wells Fargo would sell it during the pendency of IRS’ ROR, even if you were willing to take title under such a circumstance. They’d be smart enough to worry that if IRS redeemed against you during the 120 days that you might sue the bank for your loss. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : 1. I understand what you are saying about negotiation to shorten the ROR. Your recommend offering 1000 to remove the ROR, right? I was hoping to know if you can to negotiate before the sale to remove the lein so I could buy the property before my competitors get a chance to bid at the sale. : : 2. Are you sayin that Wells Fargo cannot sell before the IRS ROR is resolved? Or can they sell but not give clear title until the ROR is resolved? If they can sell immediately, wouldn't they sell at a discount to get rid of the property? I can rent it back to the ex-owner after the bank takes it at the auction and I buy it from the bank. After the 120 days I'd sell it. : : Thanks Ward! : ================ : Stephanie, : 1. You can negotiate with IRS at any time you intend to take title to the property, whether that’s before or after the sale. : 2. Yes, I’m saying that for all practical purposes, if you are attempting to sell a property where IRS’s ROR has not yet gone stale, that you won’t be able to sell at that point if an escrow and/or title insurance is involved in the resale. : I don’t think that Wells Fargo would sell it during the pendency of IRS’ ROR, even if you were willing to take title under such a circumstance. They’d be smart enough to worry that if IRS redeemed against you during the 120 days that you might sue the bank for your loss. 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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