IRS Liens
If I understand this correctly you dont have to worry as long as the property sells for more than the opening bid and enough to cover the lien?
Or even if not the worst thing can happen is the IRS buys the property from you for what you paid?
Is this correct
Thanks
Have they defined FMV?
If similar properties were going for $200k but this one needed $50k in work do they say $200k - 18% or $150k-18%?
Market value is what someone is actually willing to pay.
thx..ron
Do they specify who can initiate the suit? Would that law make illegal deeding the property to a relative for $0?
I believe that if a Lis Pendens has been filed, then yes. It would be illegal to deed your house to a relative for $0.
linlin,
The secretary made a major violation, too.
Jim
I told my agent to submit an offer and he sent the letter of intent to make sure that the price I was offering was acceptable prior to generating the 30 page MD board of realtors contract.
The letter of intent states our criteria for puchasing the property. It had 3 boxes to check. The one the listing agent checked was "The price is acceptable, please send the contract."
[addsig]
I agree with Nancy and would add that the Listing agent is duty bound to look out for the best interest of his/her client. Which would be a fully executed contract with the highest and best offer with terms acceptable to the seller.
Jim