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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 :
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!
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.
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.)
To be valid a deed requires consideration...most people don't want the actual purchase price to show up on the deed....deeds are public records and neighbors are nosy.
Who decides the sale price that is shown in the records?
Someone has some houses coming for sale and they choose their own sale prices. To get an idea of what they sold other properties for I looked in the country records looking for comparable properties that had been sold by this same seller. I noticed one that had the sale price as $1.
This was not to a relative or friend or condemned property, etc.
On that same property I clicked on deed and the deed is not showing in the county records.
So the price it sold for is being hidden from public view.
How does a buyer get $1 in the records in case of nosey neighbors, etc?
Thanks.
WOW - old thread and same answer! I am nothing if not predicable!
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