tax liens on bank-foreclosed property - Posted by Anne-ND

Posted by NJDave on March 31, 2000 at 17:43:16:

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tax liens on bank-foreclosed property - Posted by Anne-ND

Posted by Anne-ND on March 31, 2000 at 17:24:22:

Hey folks,

I came across a bank-owned SFH in terrible shape- LOTS
of rotten wood (LeGrand would love it), very likely black mold inside, trash all over the yard, really awful. Just what I wanted. City had it assessed for $55K. My estimate of ARV is $59K. Called the bank, was told to make a bid by Monday (“put it in our night deposit slot over the weekend- we know what the property looks like, no offer will insult us”). Was gonna bid $1.5K. Decided to check out the liens first, and found that the previous owners had $11K in outstanding federal tax liens.
There’s also something funky about the outstanding mortgages, which by itself has made me decide not to bid for the property after all. However, the woman at the county tax recorder office seemed to think that whoever successfully bid for the house would also be ‘buying’ the $11K federal tax lien. Is this correct?

thanks for your insights…

Anne

Re: tax liens on bank-foreclosed property - Posted by Bobby(TN)

Posted by Bobby(TN) on March 31, 2000 at 21:28:30:

Hey Anne,

The lady is correct. The IRS has a 180 day redemption period. You might get them to lift their lien after a foreclosure like this. They have done so in the past.
However, it is a long,tedious process.

Good Luck