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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trustee's sale, please help Posted by Daniel Nguyen on June 20, 2009 at 4:11 PM In Reply to: Re: Trustee's sale, please help posted by dondkk on June 20, 2009 at 2:18 PM : : If I won a bid at trustee's sale for $150000 in San Bernadino county, california : : Is there any sales tax on the 150K? : : There is $10000 total for missed payment, properties taxes, mechanical liens, late fees, do I have to pay this $10000. : : If the senior lien foreclosed the property, does all junior liens get wiped out, except for the IRS tax lien. : : Please help. Thank you. : : : You've asked a lot of questions and given us very few facts, but I'll answer as best I can. : 1. Won a bid - do you mean you were the highest bidder? If so, you now own the property. It remains to be seen whether you are a winner or loser. : 2. Is there a sales tax? No, but there is a transfer tax. When you go to the county recorder to record the trustee's deed, you will be asked to pay this. I don't know how much it is in San Bernardino County. : 3. $100,000 total - This is a whole potful of poorly defined questions masquerading as a single question. There is no way to answer it. : 4. Junior vs senior liens. The general rule is that the foreclosure of a senior lien wipes off junior liens. The property tax lien is the most senior one. The IRS lien is a special case. It is wiped off, but the IRS has the right for the next 120 days to redeem the property for what you paid for it. : Dond Dond Thank you for your help. Forgive me when I asked lot of questions with little facts. I just wanted to buy a house at trustee's sale to live in. I am a brand-new realtor and I am new to forclosure, or trustee's sale. There is a ten thousand dollars in missed payments, properties tax, and late fees, do I have to pay it back when I am a highest bidder? And to who and when. Please help. Thank you. Follow Ups: Cheap insurance or expensive lessons... Rick, the Probate Guy 5:18 PM, 06/20/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : If I won a bid at trustee's sale for $150000 in San Bernadino county, california : : : Is there any sales tax on the 150K? : : : There is $10000 total for missed payment, properties taxes, mechanical liens, late fees, do I have to pay this $10000. : : : If the senior lien foreclosed the property, does all junior liens get wiped out, except for the IRS tax lien. : : : Please help. Thank you. : : : : : You've asked a lot of questions and given us very few facts, but I'll answer as best I can. : : 1. Won a bid - do you mean you were the highest bidder? If so, you now own the property. It remains to be seen whether you are a winner or loser. : : 2. Is there a sales tax? No, but there is a transfer tax. When you go to the county recorder to record the trustee's deed, you will be asked to pay this. I don't know how much it is in San Bernardino County. : : 3. $100,000 total - This is a whole potful of poorly defined questions masquerading as a single question. There is no way to answer it. : : 4. Junior vs senior liens. The general rule is that the foreclosure of a senior lien wipes off junior liens. The property tax lien is the most senior one. The IRS lien is a special case. It is wiped off, but the IRS has the right for the next 120 days to redeem the property for what you paid for it. : : Dond : Dond : Thank you for your help. Forgive me when I asked lot of questions with little facts. : I just wanted to buy a house at trustee's sale to live in. I am a brand-new realtor and I am new to forclosure, or trustee's sale. : There is a ten thousand dollars in missed payments, properties tax, and late fees, do I have to pay it back when I am : a highest bidder? And to who and when. Please help. Thank you. [ 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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