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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] IRS lien sale Posted by Eric - CA on August 31, 2001 at 11:53 AM I am planning to buy a property at auction which is being sold under direction of the court due to unpaid IRS taxes, unless someone points out something I am missing and a reason not to buy it. I researched the title and there are no trust deeds outstanding on the property, nor any debt that I can find recorded. There are liens for over $11 million in unpaid IRS taxes and a small amount of property taxes. My concern is that if I buy the property, the proceeds of which are to be used to satisfy the tax debt, will this lien continue to exist on the title forever due to the fact that its a tax lien and this will clearly be insufficient to cover the amount owed? or since it is being sold to help satisfy this debt, does that end the lien by the IRS? I read some other posts and it seemed that the IRS liens stay until paid or for 10 years. If so, then this would clearly be a bad deal. Assuming I get it free of the tax lien, it also notes that if the sale price is not sufficient, that a deficiency judgement will be entered on it behalf. I assume this will be against the tax dodgers and will attach to any other real estate they may own and not my property which I just acquired. How do they come up with a minimum bid? Anyone know, clearly it won't be the $11m owed. Follow Ups: Re: IRS tax lien sale Ward-CA- 6:23 PM, 08/31/01 (0) Re: IRS lien sale Todd 5:54 PM, 08/31/01 (1) Re: IRS lien sale Eric - CA 9:22 AM, 09/01/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I am planning to buy a property at auction which is being sold under direction of the court due to unpaid IRS taxes, unless someone points out something I am missing and a reason not to buy it. : I researched the title and there are no trust deeds outstanding on the property, nor any debt that I can find recorded. : There are liens for over $11 million in unpaid IRS taxes and a small amount of property taxes. : My concern is that if I buy the property, the proceeds of which are to be used to satisfy the tax debt, will this lien continue to exist on the title forever due to the fact that its a tax lien and this will clearly be insufficient to cover the amount owed? or since it is being sold to help satisfy this debt, does that end the lien by the IRS? I read some other posts and it seemed that the IRS liens stay until paid or for 10 years. If so, then this would clearly be a bad deal. : Assuming I get it free of the tax lien, it also notes that if the sale price is not sufficient, that a deficiency judgement will be entered on it behalf. I assume this will be against the tax dodgers and will attach to any other real estate they may own and not my property which I just acquired. : How do they come up with a minimum bid? Anyone know, clearly it won't be the $11m owed. 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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