Purchase With An IRS Lien In Second
I think I am aware of what may happen but wanted to ask experienced people. I am looking at a house worth 200k and 1st is foreclosing with a balance of about 100k. An IRS lien was placed on the house last year for 138K. My assumption is the IRS may redeem upto 90 days, or I can ask for a release or I may negotiate a payoff. Is there any other possiblility? Which is most likely? What type of negotiating is possible? Thanks all!
I have bought a dozen or so properties at foreclosure with IRS liens on them. I believe the IRS has 120 days to redeem, but I have never seen them exercise that option and redeem.
Your property is free and clear of the IRS lien if they do not redeem the property within 120 days.
No need to negotiate a payoff.
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If you buy the house as a pre-foreclosure, the IRS lien stays intact.