Re: Can anyone advise on taking property with $6,000 IRS Lien? - Posted by Bill Gatten
Posted by Bill Gatten on June 09, 1999 at 15:55:20:
Consider having the owner hold the property in a land trust in his name for the remaining period of the lien (satisfies admonitions about title transfer, DOS, etc.) instead of refinancing the property at all (assuming you’re willing to hold for that period of time). This process gives you 100% of the benefits of ownership, including all tax benefits, while he pays off the lien.
If you’re concerned about him not honoring his agreement with the IRS ('sounds like he’s been doing it for a while and is pretty dependable), and feel that you couldn’t afford to pick up the default if you had to, then insist on a Performance Deed on his other property as your secuirty. Or, as someone else mentioned, if the equity is there have him discount the purchase price by the amount of the lien, and pay the IRS as a part of your aggregate monthly obligation.