San Francisco Bay Area Tax Lien Group » Tax Lien Sale

what states hold tax deed sales and sell tax lien certificates?

admin — Sun, 11 Apr 2010 13:02:12 +0000

I would like to know how to purchase tax lien certificates and tax deeds on line.

From what I understand, tax lien auctions take place everywhere. There is a book called "the 16% solution" which I have and it outlines the various procedures in all 50 states.

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Tax Lien on Short Sale?

admin — Tue, 30 Mar 2010 11:11:01 +0000

I am in the process of buying a short sale. Unfortunately for me there is a personal income tax lien on the property. The bank approved the short sale which makes no sense because this tax lien has been on the property for 3 months before the bank approved the short sale. I am questioning how the bank could approve the short sale with a tax lien on the title. Anyway, my lender believes that this can be cleared up by showing the IRS there is no value in the property that the IRS has the lien on. Has anyone had any experience in something like this? Is it still possible for this sale to go through?
There is a tax attorney on this problem. The bank approval specifically states the seller gets no money from this house sale.
Must be a lot of idiots on yahoo answers! I just found this.

http://activerain.com/blogsview/1278949/short-sale-removing-an-irs-tax-lien-from-a-property

The IRS is not going to lift the lien, not until hell freezes over.

The lien has to be paid or their is no closing. Period. There is no way around it. The seller has to pay it or they are not sellling.

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Does a tax certificate sale have 1st lien position over a foreclosure?

admin — Wed, 24 Mar 2010 09:53:03 +0000

I am the note holder of a mortgage on which the taxes have not been paid. Without notifying me the county has sold a tax certificate. Since I was unaware before I attempted to foreclose, am I liable to lose the property if not paid?

Yes.

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How long does it take on average for the IRS to say ok to the sale of a house with a tax lien?

admin — Sun, 14 Feb 2010 15:28:12 +0000

We are trying to buy a house and the title search showed many tax liens by the IRS. Turns out the sellers won’t net enough to pay the lien. We have verbal assurace that the IRS has agreed to the sale, and the sellers submitted all the paperwork. But how long does it typically take for the IRS to respond? The IRS told the title agent a min of 15 days. Does anyone have any experience with this?
So, we didn’t know about the liens untill the title search. We were told the sellers finally submitted all their paperwork to the IRS. The title agent has spoken to the IRS personally. The sellers owe more than they will clear. So, do I count 30 business days after they turned in all the paperwork? They’ve already had to pay for one extention to our loan lock.

15 days? In your dreams! The seller will have to submit an Application for Discharge of Property from Federal Tax Lien. Putting the application together is no cakewalk. I recommend to my clients that it be done as soon as escrow is opened because it ordinarily takes at least a month to get approved. If you make the requests 15 days before closing it is not going to be done and the sale may fall apart. IRS generally has a backlog and everybody wants theirs done yesterday so don’t ask to jump to the head of the line.

UPDATE: Plan on a wait of at least 30 days from the time the application for discharge was submitted.

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I have a fed tax lien on the only property I own. I’m heading into a short sale. So what happens to my lien?

admin — Thu, 07 Jan 2010 02:13:57 +0000

I am selling my home in a short sale because I can no longer afford it and if it doesnt sell then I will be foreclosed on.
I dont have the cash to pay off the tax lien nor do I have another piece of real estate to move the lien to….so now what?

The house is not going to be able to be sold at all without paying the lien.

If the house is foreclosed on they will procede to garnish your wages, seize accounts, etc until you pay us back for the money you illegally kept.

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tax lien not addressed in banks list of conditions for acceptance of short sale offer?

admin — Fri, 04 Dec 2009 17:23:02 +0000

My bank agreed to accept a short sale contingent upon a list of conditions being met. In this list they include the minimum amount they will accept my concern is that this list does not include pay off of the tax lien on my home my agent told me that it will be taken care of in escrow .Should I be concerned and is this standard procedure?
my home is in foreclosure this short sale is in effort to avoid the foreclosure.
it is a state tax lien for for delinquent income tax

You absolutely should be concerned. Agents always say things like this because they really don’t know. I’m not bashing your agent here, the most difficult part for agents when working short sales is determining the investor. Some agents blindly believe that if a short sale works one way with Bank of America for example, it will work the same way with Chase. This is not true. The agent is correct in the matter that it will be taken care of in escrow, but how is the real question here. I would highly suggest speaking with the short sale negotiator directly on this to see how this lien is being taken care of. Some investors will not pay a tax lien off, it really depends on the lien itself. Since I don’t know what kind of tax lien we’re talking about and I don’t know the investor, I would research this more. Short sales is a difficult procees, you don’t want to get to the finish line and not be able to cross

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Question about a state income tax lien on real property?

admin — Wed, 04 Nov 2009 23:11:03 +0000

If there is a lien placed on a person’s real property for unresolved state income tax, what does that mean? (The state is Michigan.)

I know it means that if the property is sold, the state must get paid what’s due to them out of the proceeds of the sale.

Can the state force sale of a home for lien on income tax? Or can they only force sale of a property for unpaid property tax?

Dear mid: In every state I have lived in the property lien only gets satisfied when the property is sold. But I would look at MI dept of taxation/liens.

This advice was prepared based on our understanding of the tax law in effect at the time it was written based on the facts you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor

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How do I learn how to get involved in Tax Sales?

admin — Sat, 31 Oct 2009 03:41:18 +0000

I would like to learn about tax sales and tax liens or foreclosures. How can I do this without it costing me money to learn?

Contact the tax collector’s office in the jurisdiction that you wish to invest. They will be happy to explain the procedures to you and usually can sign you up for e-mail or snail announcements of upcoming auctions.

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Who do I contact for a list of foreclosed or tax-sale homes in Indiana? ?

admin — Wed, 28 Oct 2009 17:48:12 +0000

I am trying to find a list of homes with tax liens or that have been foreclosed on in my area. I have looked online, but have only come across all those sites that want you to pay a fee. I know this is info you do not have to pay for, I’m just not sure where to find it. Can somebody point me in the right direction?

Try the county clerk’s office. Some counties have this info available online and some will require a visit in person. Where I live the clerk’s office runs the sales on the courthouse steps.

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make money with tax lien sales?

admin — Mon, 28 Sep 2009 17:58:13 +0000

how do i go about doing this

To make money on a tax lien sales, you need to know how much tax is owing on the property and whether there are building/fire code deficiencies.

Even if you win the property, you will have to ensure that it meets building and fire code specifications in order to resell it.

Get accumstomed to having a building inspector go through each property and do an analysis.

You will also have to consider whether the property is sellable. It may be ’safe’ but is it desirable?

Its a lot of work to get a good property from a tax lien sales.

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