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Old 04-05-2016, 08:36 AM
1 posts, read 807 times
Reputation: 10


Hi all,
First time poster here, so please be gentle in your responses.

Condo in Aspen coming up for auction; want to buy it....but - fair market value is nowhere near the $200K (UPB) plus $1,500,000 that are in place in the form of IRS tax liens, a small sewer lien, and small, dumb HOA lien.
Searched the forum and it seems like IRS usually does not buy the property back, usually does not redeem within 120 days of sale, etc.

100 years ago, when I sold real estate, tried to sell a property that had IRS liens; IRS never returned a call; fax; letter; email - nothing - for months. So I expect the same if I buy this property - question is: if IRS doesn't want, can't recoup the liens, then what? Either no one buys it due to those liens or someone buys it and negotiates with IRS?

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Old 04-05-2016, 12:32 PM
Location: Colorado Springs
3,080 posts, read 2,113,124 times
Reputation: 3582
I've bought numerous properties with county tax liens but never one with an IRS lien. Unlike a county lien, which is directly tied to the property, or a builder's lien which is tied to services, an IRS lien could be for any number of other items not directly related to the property. As such, I'd think they want redemption of some sort, especially at $1 mill plus outstanding.

You probably need to review details with an attorney to see what your exposure would be. Just because they have never recouped before doesn't mean they wouldn't try now. Especially in a real estate market like Aspen's.
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Old 04-05-2016, 01:23 PM
Location: Just south of Denver since 1989
10,905 posts, read 29,390,124 times
Reputation: 7131
If there is any equity, the IRS will take the property and sell it at auction. You will have to wait out the 120 days of you buy a junior lien holder out.
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Old 04-05-2016, 07:07 PM
Location: Denver and Boston
1,701 posts, read 1,537,340 times
Reputation: 3469
I know the answer to your question but it is a long complicated answer and I do not give free, nor do I sell, legal advice. If you have to ask a question like this on citydata you should not be considering this sale. I have been to hundreds of foreclosue sales including five or so in Pitkin County, I guarantee you if this is a good deal there will be at least three locals there to bid with deep pockets, hence why I stopped going to sales in Pitkin County.
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