All Forum Posts by: Jared Ward

@Roy Oliphant - thank you for the insight. That’s in-line with what my thinking was as well (new buyer would have the $50k exposed) but I figured I’d see if anyone more experienced than myself had ever dealt with a case like this before.

@Bill B. - Thanks for the response. The IRS lien was not paid off. It's a significant balance as well (couple hundred k). The previous owner is out of the picture for redemption so the only possibility is an IRS redemption. I know that those are very rare but there is a chance that it happens which is why I am curious about what would happen to the $50k that would be unaccounted for after an IRS redemption. 

Jay Hinrichs - Any ideas? I have seen your name come up a lot while searching other IRS Redemption threads. 

Hello All,

I have a very specific question that I haven't been able to find an answer too that I am hoping that someone can assist with. I have talked to a few attorneys and done a ton of research but can't seem to track down an answer. 

When a foreclosure has an IRS tax lien that is in second lien position behind the foreclosing first lien, the IRS has the right of redemption for 120 days from the Sheriff's sale. At the Sheriff's sale, the first lien lender was the winning bidder at $200k. If the lender then turned around and listed the property for sale via auction.com and say it sold to New Owner for $250k. Would closing of the auction.com purchase need to wait to happen until the 120 day period was up or until the IRS released the property (assuming the proper forms were complete)? If not, how is the New Owner covered by the $50k different if the IRS decides to redeem the property (from what I have read, IRS guidance states that the IRS gets to purchase it back at the price paid at sheriff sale (amount New Owner paid $250k - $200k IRS redemption amount = $50k unaccounted for). Does the New Owner take a $50k loss then? 

Thank you in advance for the help. 

Hey @Jonathan Klemm, thanks for the response. I saw all the options when I googled originally which is why I figured I'd reach out to the community on BP to see if there were any recommendations. It's a SFH in a desirable neighborhood so I believe the demand will be high as long as I list it directly on MLS. This will be a one and done transaction in IL as I actually live in WI so there really is no need for me to build a relationship with an agent on this one.

Hey @Will Fraser, thanks for the response. I did google some but there were a ton of options and a few different levels of service/features (national MLS listing vs local, allow changes/updates to the listing, etc.) to pick from so I was sure if anyone had any experience with any of the companies out there that they would recommend.

Hello,

Does anyone on have a recommendation for a Flat Fee MLS Listing Service for a SFH located in Illinois? I already had a professional photographer take photos of the property and had a writer draft a description of the property, I just need to find a MLS listing service. All of the recommended ones I have found so far on older posts don't list in Illinois.

Thanks in advance for the help!