All Forum Posts by: Bruce M.

 still waiting on this...thanks

thank you for the update and sorry to hear about his passing. Could you give us a realistic example of how you might structure an owner financed note based on the Henderson material? Thanks 

I think some of his stuff is outdated but the math still works. Tom Henderson puts out a good book ...you can get either hard copy or pdf......The challenge with most of this seems to be FINDING notes to buy from private sellers.  Sure wish I could remember who it was but somebody was talking about creating your own owner financed notes and they weren't a vendor. Kind of like Mitch Stevens and that Grant Kemp...( but those guys are big time vendors ) ..I guess there is good money in training too......

Thanks Stanley....good advice !

I promised to update this thread when something was resolved so here it is. After months of both myself and my buyer trying to contact my buyers attorney we have given up and decided to split the back taxes between us. So we each paid $750 and today I made good on these back taxes. 

The closing lawyer for my buyer never got back to either of us after about 30 - 40 emails and phone calls. I did however contact the Vermont Legal aid offices on two occasions and both lawyers said that we should just split it as it was not worth the cost to litigate this and the issue falls into a " grey " area of the Vermont system. So they said that either of us had a 50/50 chance of winning but the cost was unjustified. 

We live in very small towns ( about 4,000 people) and I think it is ridiculous how this lawyer behaved. My buyer runs a business and has used this lawyer for other matters but he won't use him anymore. I dabble in real estate and would never advise ANYONE to use him and would certainly tell people who asked about the situation we were put in. I certainly would never do a closing with him involved in any way. 

By not being a good human being and treating others how they would like to be treated he ends up losing business in the long wrong. That's not very smart ! Some may be doubtful but word really does get around quick in these small areas. I have no intention to purposely bad mouth him but if it comes up I certainly will explain what happened. He didn't even get back to his own client and left him cold. How rude.  There are lots of great lawyers out there but he certainly isn't one of them and feeds the stereotype people have of lawyers in general.

It's a big relief that it is resolved and I feel much better about it and my buyer is also glad this is  behind us. Thanks to all for the comments and feedback on this issue. I think the forums are a great place but I must stress that we still all need to dig deep as there are many twists,  turns and loopholes in real estate and just because it is done one way in one state does not mean that it will work that way in another state. I think that is one of many take-a-ways here that shouldn't be overlooked. This is a sharp bunch of people here full of great feedback so I don't want to diminish that either. Thanks again ! 

Bruce

I've heard many real estate gurus say that the IRS will negotiate a lien on a property as long as you have been transferred ownership to that property. The example they give usually is that somebody has no equity and is in foreclosure so they Quit claim a deed to you, Then you contact the IRS to have the lien removed or released as long as you  can show there is no substantial equity.

My question is this : Will the IRS work with you as a buyer of a property that has an IRS lien on it if you have NOT been given a deed to it  and don't own it yet? Suppose it is just a general purchase and sale? For example, a house is worth $100 k and the buyer owes $80 k first mortgage and a $30k IRS lien behind it. What choices do you have to make this sale happen? Can you negotiate off that $30 k or even get it reduced ?

I know variations of this question have been asked before but can't find this specific question. Thanks!

Bruce

It seems Vt is in it's own little world

this is still ongoing but I didn't forget and will keep the thread updated . Currently the buyers closing attorney is not returning calls and the buyer isn't too happy about the mix up. Both of us ( the buyer and the seller ) are not happy at being charged $1800 for that closing so my buyer is on my side of that part of this problem. I have requested an itemized bill of services and so has my buyer. None has been delivered so far. It's funny, many  just pay what a lawyer puts down as their fee and never question it.  Well, I'm not one of them and want to know what I'm being charged for.  Unfortunately the Hud was not ready for review the night before the closing and I messed up by not checking it over very well at the closing table. The days of putting lawyers and doctors up on pedestals should be long over but society still throws them up there. That's for another discussion though. Thanks for all the great comments here. 

@Virs Esar thank you

I can't find anything about 150 days  so perhaps that is just a typo but are you saying Jay that the IRS is going to pay me 9 % on my money if they do take back the property ? If we go with the 120 days then that would be 27% annualized...something seems off.  I can't find anything about 9% on the IRS website so perhaps somebody can help us clarify all this. Thanks

Bruce