How Can This Be Done?
While doing some due diligence, I came across a property that is being sold by a realtor for $30K. When I went to the tax assessor they said the property has tax liens in excess of $107,000. How can a seller get rid of a property that owes that much in taxes? Especially for $30K. The tax assessor said the only way these liens can be wiped away is if the last lien holder forcloses. The last lien holder is the city for $14K. So my question is how can this be done?:-?
Thanks for your help
Kecia
klgl22----------------
Were the tax liens not disclosed early on? Maybe the seller planned to take the purchase money and disappear, leaving the buyer holding the tax-burdened property.
In my view nothing can be done unless you can get the last lien holder to foreclose, as suggested to you. I doubt if that wil occur, but it probably takes little time to ask.
Good Investing***********Ron Starr***********
Bought a duplex that had over $500,000 lien to the IRS. I paid $7,500. All that was done here was to get IRS to sign partial release on the lien. The seller had other property and a huge failed business. Of course the IRS found that the property was being sold at market value for the condition and approved the sale. YES the IRS got all the proceeds from the sale. This may be different than your case but it may work the same too.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Kecia ---------------
Tedjr's post brings up the issue of assumptions again. I assumed you were talking about local taxing entities and property tax liens. Tedjr is talking about IRS tax liens.
So, because you did not clearly specify the type of lien(s) you were talking about, we made differing assumptions and thus gave you different answers.
Good Investing*************Ron Starr***********
Thank you both for your replies. I was talking about local tax liens. I am not going to bother with the property but I just wanted to know what the seller was possibly thinking because this would all appear on the title search.
Thanks again
Kecia