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Hi,
I am planning to buy a property from a sheriff sale, and I did a title search on that property. From the title search, there were about 8 Notice of Federal Tax Lien filed against this crazy home owner throughout a period of 10 years, and the sum of Unpaid Balance of Assessment on these 8 copies of Notice of Federal Tax Lien totaled close to $750k.
My questions are:
1. Let's say the judgment amount is about $90k, is this judgment amount already included the $750k from the Notice of Federal Tax Lien?
2. What is included in the judgment amount? Because this home owner also owned the state about $150k in unpaid personal tax.
3. Is this too good to be truth? The market value for property is worth more than 1 million, however, judgement amount for this property seems too low given what the owner owed to the federal and state tax.
You will be buying the tax lien on the property at the sheriff sale, you will need to take possession, and clear the title. Is the owner still in possession? They will have a two year time of redemption before you can forclose.
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