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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Payoff of IRS lien rather than waiting 120 days Posted by Ward-CA- on November 26, 2001 at 4:55 PM In Reply to: IRS Liens posted by Neophyte on November 26, 2001 at 10:05 AM : Good 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. =?=?=?=?=?=?=?=?=?=?= It doesn?t take too long to negotiate with IRS, nor does IRS require you to pay off their lien entirely before they issue a partial release that lifts it off of the affected property. They realize that they can still pursue the delinquent taxpayer for whatever difference reamains unpaid. No matter the size of IRS? lien, I would always start out making an offer of just $1,000 and then increasing it gradually if it is not accepted until you reach an agreeable amount. Then you give them a cashier?s check for the amount in exchange for a recordable Release of Lien. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Good 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. : =?=?=?=?=?=?=?=?=?=?= : It doesn?t take too long to negotiate with IRS, nor does IRS require you to pay off their lien entirely before they issue a partial release that lifts it off of the affected property. They realize that they can still pursue the delinquent taxpayer for whatever difference reamains unpaid. : No matter the size of IRS? lien, I would always start out making an offer of just $1,000 and then increasing it gradually if it is not accepted until you reach an agreeable amount. Then you give them a cashier?s check for the amount in exchange for a recordable Release of Lien. 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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