Hi, I'm new here. I was supposed and prepared to close on the purchase of my home on 7/27, but the Thursday before that date my attorney notified me that the foreclosed house i was attempting to buy had a 12,000 IRS lien on it, so we can't close until that has been removed. A few weeks later the lien hasn't been taken care of and the seller (a bank) has not responded as to their intentions. If I pull out of the contract I will still be responsible for attorney fees, appraisal fees, etc. I don't want to pull out the contract, I want them to follow through with the sale and close. My question is what can I do to make this happen? The attorney wants to charge an addition $150 to write a letter threatening to sue, Is this likely to motivate the seller to sell or just lead to a drawn out lawsuit.
Your attorney should be able to verify if the tax lien was extinguished at the foreclosure sale. If the mortgage or deed of trust had a date before the tax lien was filed then most likely -(need to get professional legal advice)- the lien was extinguished as the foreclosing lender usually gets title to the house as of the date of the recording of the original mortgage or deed of trust.
The tax lien is the seller or banks problem, not yours and has nothing to do with you as far as being the buyer. You will need to sue for performance, I would guess. Tax IRS liens are not always extinguished at trustee sales. Bank should be able to pay lien at 10 cents on the dollar or better. Dog
Really? 10 cent on the dollar! So I should just wait them out or sue them. If it's that low the letter threatening to sue should motivate them to pay it off and close the deal. (I hope so)
It's been a month since I was suppose to close on this property me and fiance are very very fustrated about this cause in this entire month we (us, attorney, real estate agent) have not heard anything from the seller. We are about ready to say f*&$ it and just take the lost and move on and find another home. Since we're getting married in 25 days. So I though I would send an email to the seller's real estate agent, let me know how this sounds: Dear Ms. XXXXXX, My name is XXXXXXX and I have a written contract to purchase the property at XXXXXXX. , but the situation seems to be in limbo. I see the property is listed as pending on your website and I assume that involves me. I am still interested in continuing with the contract and purchasing the property. Obvisously, my attorney, real estate agent and I are out of the loop as to the sellers of this propertyâ??s intention because we have not heard from them or you within the past month. What are the sellers of this propertyâ??s intention? Are they working to provide a clear title in order to continue with the sell? If so can you provide me, my attorney or my real estate agent an approximant time frame? Thank you
You should probably be contacting them thru your attorney, or your real estate agent, as opposed to directly. The issues are whether this deal is going to go thru or not, whether you want to (if it is worth it), or even can, force it to, and under the terms of your agreement how you go about pulling out and retrieving any amounts in escrow, and whether any damages are due. What do they say? You generally want communication in a negotiation to be between parties you have designated for that purpose, who are aware of how to track those communications and keep you in the loop, to ensure there is no ambiguity in your position, and that you have not implied any change in offer or terms that you did not intend. You work thru professionals to protect your interests and keep you out of trouble, just as the bank does.
IRS has a 120 day right to redemption after a trustee sale. The IRS should have received notice from the trustee or sheriff regarding the sale. Usually, the IRS will not exercise it's right of redemption and after 120 days the lien will be extinguished.
