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Old 11-03-2012, 11:01 AM
 
Location: Chicago area
12,480 posts, read 6,750,816 times
Reputation: 48081

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Quote:
Originally Posted by ss20ts View Post
Divorce also. I almost bought a house that "sold" through a divorce decades ago. She paid all of $1 for it.

In some states, the recording fee isn't based on the amount of the house alone. There's state fees and taxes, county fees and taxes, and town/city/village fees and taxes. It's not always so cut and dry as $1 per $1000.
My best friend wants to sell me her interest in their home for a dollar in front of her soon to be ex but the property may have an IRS lean on it.:hamd :
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Old 11-03-2012, 07:29 PM
 
Location: Somewhere in America
12,308 posts, read 9,539,633 times
Reputation: 20397
Quote:
Originally Posted by animalcrazy View Post
My best friend wants to sell me her interest in their home for a dollar in front of her soon to be ex but the property may have an IRS lean on it.:hamd :
RUUUUUUUUUUN!!!! And I mean run like the wind! You do NOT want to be tangled up in that mess with or without the IRS. If the IRS is involved, you can't run fast enough! Run like Forrest!
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Old 11-07-2012, 09:03 AM
 
3,029 posts, read 6,725,420 times
Reputation: 3183
Quote:
Originally Posted by howard555 View Post
In 2001 the deed says is was worth (tax value I assume) $74,000 single dwelling home.
Listen to what marksmu is saying. The actual market value has nothing whatsoever to do with what the tax assessor thinks.
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Old 11-07-2012, 09:48 AM
 
Location: Boise, ID
7,921 posts, read 21,618,080 times
Reputation: 8958
I know of a house in Idaho that is worth maybe $150k, and has a $1M (actually $1.2 million) IRS lien on it from the owner's business. It really can happen.

Your best friend might be doing you the worst "favor" ever in the history of mankind.
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Old 11-09-2012, 08:45 AM
 
Location: Living on the Coast in Oxnard CA
15,278 posts, read 24,798,627 times
Reputation: 19349
I know of several situations.

1. An ocean front property that was passed around between multiple high dollar individuals for tax considerations. Not sure how it worked as I am not in the same economic league, but know that they were using the home to protect assets.

2. Historic home that can not be changed in anyway but may need a boat load of money to bring it back up to code. You pay a small amount to own it, and then years of hardwork and dollars to restore it.

3. Damaged structures that need more work that they are worth.

4. Worthless land. In some parts of California and Arizona you can find land that you can not build on, can't get water to, and about the only thing you can do is tell someone that you own an acre of land that you paid $10 for. (I think it is more, but you get the point.)
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