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Foreclosure Forum |
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IRS LiensGood Morning Ward: If I purchased a property through a trustee sale that had an IRS lien against it, I understand I have to wait 120 days for the IRS's Right of Redemption to expire before I sold the property. I have read that I could enter into an acceptable offer in compromise with the IRS to retire the lien. The obejective here is avail one's self the opportunity to sell the property sooner than 120 days after purchase. Of course, the potential profit margin would have to be healthy enough to absorb this additional cost. My question is, have you ever done such a transaction? Do you have any input into how long it would take to close? Indeed, if the process took greater than or close to 120 days to complete, one would avoid the cost altogether. Thank you in advance for your reply.
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