Sheriff Sale Federal Tax Lien

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Sheriff Sale Federal Tax Lien

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Posted 02-25-2012, 01:12 PM

discostu58

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Sheriff Sale Federal Tax Lien

Looking at buying a house at sheriff sale, however, the county recorder shows a federal tax lien. The current home-owner owes roughly 300K more than the house was appraised at just on the mortgage, he also has this tax lien which is less than the minimum bid on the house. Does anyone know, if I purchase this house, does that federal tax lien go away on the property? Or no matter what, does it stay on title, which will make it hard for us to obtain financing?

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02-25-2012, 01:12 PM
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02-25-2012, 02:29 PM

PiratesSayARRR Pirate's Life For Me Member sinceOct 2004 Posts11,034 LocationSan Diego Reputation 767 Followers 1 + Give Rep	I didn't know you could do financing at a sheriff's sale. Found this: http://www.trulia.com/blog/erin_a...sell_house Hate is a strong word... but I really really really don't like you
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02-26-2012, 06:21 AM

discostu58 L4: Apprentice Original Poster Member sinceMar 2008 Posts425 Reputation 207 Followers 0 + Give Rep	well you don't do the financing AT the sale, you purchase the property then have 30 days to pay it off/obtain financing. Thanks for the link, but its not quite the same situation since that is for a short-sale and this would be a foreclosure sheriff sale.
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02-26-2012, 07:17 AM

randallF L1: Learner Member sinceFeb 2012 Posts24 Reputation 10 Followers 0 + Give Rep	I would suggest finding out who holds the lien and then calling to ask them your question.
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02-26-2012, 10:07 AM

Brian1

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First and foremost, you should get your final definitive answer from a real estate attorney.

With that said, I'd wait until after the sale when it goes into REO where the liens are typically wiped out. However, with that said, you'll want to make 100% sure that you buy an owner's title insurance (also known as simultaneous title insurance), not just lender's title insurance which only protects the lender.

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02-26-2012, 03:44 PM

PiratesSayARRR

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Quote from discostu58

well you don't do the financing AT the sale, you purchase the property then have 30 days to pay it off/obtain financing.
Thanks for the link, but its not quite the same situation since that is for a short-sale and this would be a foreclosure sheriff sale.

The point is still the same since there is still a lien on the property weather it be a short sale or a foreclosure. (If the proceeds don't cover the loan and the debt owed to the IRS it still needs to be discharged).

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Sheriff Sale Federal Tax Lien