All Forum Posts by: Paul Yevzikov

From my understanding, what the IRS is doing is actually selling ALL the "rights, title, interest, etc" of the taxpayer, so that they're in effect giving you a quit claim deed. Check IRS reg section 301.6355-1(c)(4)(iii) for the exact text.

If anything, the IRS has a 180 day redemption period to redeem at forced sales, but that's only if THEY'RE holding a lien, which is usually superior to any other liens on the property.

Let me know if this helps, or if you figured out the answer on your own.

Paul

My opinion is not to throw away a lead that could be a good deal, especially when you're starting out.

Short sale is the way to go in these cases, but you want to ensure that you're signing up properties that have a good chance of getting a deep discount from the lender.

Such properties are those that have volatile features that can be pointed out and negotiated/overestimated by the lender. Example is huge repairs, bad neighborhood, huge decline in market value.

See if you can meet some buyers that might be interested, and negotiate the short for them if you have the expertise. Otherwise refer them to somebody who can make money and just collect your bird dog fee.

I'm a wholeseller in NJ and have a system set up to deal with the 90% of leads I get which have no equity. PM me and I'll tell you more.

Paul

Greetings,

Just wanted to say hello. I’m Paul, and I wholesell and shortsell residential property in New Jersey, full-time.

I’m young, looking to make my mark, and am working harder than anyone else I know to do it.

Lots of great stuff on this forum….look forward to learning from you all and contributing. Thanks for all the help thus far!

Regards,
Paul

PS:
I’ve built up a decent network of contacts in NJ, so if you’re looking for somebody, PM me and I’ll try to connect you to them.
:D