You are here:
- Home
- Real Estate
- Home Buying/Selling
- Buying or Selling a Home
- liens on foreclosed property
Buying or Selling a Home/liens on foreclosed property
Advertisement
Question
i am looking at closing on a foreclosed property but it has a irs tax lien on it i need to know what happens to this lien. it was disclosed at the foreclosing and the mortgage company bought back the property and i am now trying to buy it. i what to make sure that i am not responsible for any of this now or in the future.
You got problems with that property, Todd, if you do buy it. First of all, the IRS has 120 days AFTER the sale to decide if they want the property so they can sell it to get their money. If they do, then they pay you what you paid for it, nothing more. If they don't buy it, they have wasted four months of your time. If you want to check into this purchase, I recommend you consult with a real estate attorney and see how you can dodge this mess you're walking into. I wish you well.
Dick Dennis
Related Articles
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
Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
©2012 About.com, a part of The New York Times Company. All rights reserved.