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Buying or Selling a Home/Foreclosure in Nevada
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Question
My house is to be auctioned in trustee sale 7/16/08 for 296,000 on the first and there is an IRS tax lien on it for 147,000. If there are no bids, will the mortgage co. pay off the lein or give it to the IRS to deal with? The IRS may be in first position because a refinance started in 5/07 closed in 8/07 and the tax lein was filed in 6/07. Will mortgage co. sue the title co. if this happened? Will I get to stay in the house why they figure it out?
It sounds like the IRS is in first position in this situation, and if the lien was filed before the refinance was put in place, the mortgage lender may have a claim against the title company, though that would be depend on if the lien was actually recorded on the property before the mortgage was. (Sometimes liens are not recorded right away.)
But at the trustees sale the mortgage holder will be taking back the property. They will probably put the home on the market and clear as much as possible on it, even if they do have to pay off the IRS lien later. So chances are you will get an eviction notice soon after the trustees sale, and it is best to get packed and be ready to move out quickly.
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Diann Tonnesen
Expertise
I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.
Experience
With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.
Organizations
Las Vegas Board of Realtors and the National Association of Realtors
Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.
Education/Credentials
college journalism major
Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.
Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:
Las
Vegas Real Estate
Las
Vegas Condos
Henderson Real Estate
Las
Vegas Golf Course Homes
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