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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: IRS lien sale Posted by Eric - CA on September 01, 2001 at 9:22 AM In Reply to: Re: IRS lien sale posted by Todd on August 31, 2001 at 5:54 PM So you are saying that once I buy the property the deficiency judgement will follows the original owner? or me as the new owner? I would think the original owner. Based on your and Wards posts then, I would be receiving title to property, subject to any liens recorded before the IRS lien, filed in 1995 by the way, and would receive a marketable title 180 days after the sale/redemption period was over. Does that also mean then that I should not do any rehab on the property for 180 days? Due to the fact that they could redeem the property? What if I went in and cut down trees, cleaned up the yard, etc...? My risk/downside then is that I have to pay any existing senior liens and don't get a true saleable title for 6 months. However if I could rehab the property and rent it during that period, it would be worth it. I estimate $150k of equity based on the minimum bid price after I do a some rehab. A tidy sum if all went well. Any comments? You sound like you may have done this before. And what does release it eventually mean? 6 months? : Remember, when you're dealing with an IRS tax lien, the lien follows the owner until it's paid. Once the property is sold, the IRS takes what they want and will release it....eventually. \b Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : So you are saying that once I buy the property the deficiency judgement will follows the original owner? or me as the new owner? I would think the original owner. Based on your and Wards posts then, I would be receiving title to property, subject to any liens recorded before the IRS lien, filed in 1995 by the way, and would receive a marketable title 180 days after the sale/redemption period was over. : Does that also mean then that I should not do any rehab on the property for 180 days? Due to the fact that they could redeem the property? What if I went in and cut down trees, cleaned up the yard, etc...? : My risk/downside then is that I have to pay any existing senior liens and don't get a true saleable title for 6 months. However if I could rehab the property and rent it during that period, it would be worth it. : I estimate $150k of equity based on the minimum bid price after I do a some rehab. A tidy sum if all went well. : Any comments? You sound like you may have done this before. And what does release it eventually mean? 6 months? : : Remember, when you're dealing with an IRS tax lien, the lien follows the owner until it's paid. Once the property is sold, the IRS takes what they want and will release it....eventually. : \b 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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