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All Forum Posts by: Konstantin Komkov

Konstantin Komkov has started 3 posts and replied 18 times.

Post: Commercial Property Valuation

Konstantin Komkov
Pro Member
Posted
  • New to Real Estate
  • Pennsylvania
  • Posts 18
  • Votes 1
thank you for the information

Post: Commercial Property Valuation

Konstantin Komkov
Pro Member
Posted
  • New to Real Estate
  • Pennsylvania
  • Posts 18
  • Votes 1

Hello, does anyone have access to CoStar. I have a commercial property in mind and I want to get estimated market value for it. I also want to see how report is made and what info you get wirh it. I do not want to do formal appraisal because it is too costly. Hopefully someone could help me. 

Post: Will State Income Tax Lien Stay After Mortgage Foreclosure Sheriff's Sale

Konstantin Komkov
Pro Member
Posted
  • New to Real Estate
  • Pennsylvania
  • Posts 18
  • Votes 1

I find out state tax stays and you will have to deal with it. Possible to negotiate and possibly to remove entirely. Depends on circumstances. 

Post: Will State Income Tax Lien Stay After Mortgage Foreclosure Sheriff's Sale

Konstantin Komkov
Pro Member
Posted
  • New to Real Estate
  • Pennsylvania
  • Posts 18
  • Votes 1
Quote from @Jay Thomas:

In Pennsylvania, what happens to a state income tax lien after a foreclosure sale depends on when it was filed and who has priority. If the tax lien came before the mortgage, it might stick around after the sale, affecting your property's value. But if it came after, it usually goes away, and the mortgage comes first. To understand your situation better, it's smart to talk to a real estate lawyer who knows Pennsylvania laws. Also, check the sale documents and know that federal tax liens have different rules than state ones.


Thank you, the mortgage definitely was recorded before the lien. Like 5 years apart. It is state tax lien, not Federal IRS lie. 

Post: Will State Income Tax Lien Stay After Mortgage Foreclosure Sheriff's Sale

Konstantin Komkov
Pro Member
Posted
  • New to Real Estate
  • Pennsylvania
  • Posts 18
  • Votes 1
Quote from @Jay Hinrichs:
Quote from @Konstantin Komkov:
Quote from @Jay Hinrichs:
Quote from @Chad U.:
Quote from @Konstantin Komkov:

Good morning, I recently bought a property in Pennsylvania at Sheriff's mortgage foreclosure auction. I was bidding on a 1st mortgage. Recently I find out there was a State Income Tax Lien put on a property around 4 months before it went to the auction. The price I bought house at the auction will not be enough to cover even 1st mortgage in full. Question is will this state income tax lien survive the foreclosure? I asked couple of different people and get different opinions about it. As I understand Federal Tax Lien will fall of after 90 days or IRS could redeem the property. With State Tax Lien I inclined to think it would stay, I hope I am wrong. Thank you! Konstantin

State income tax liens are just like any other liens placed after the 1st, they are in junior position.  While the lien may be removed from the property after foreclosure, it still remains with the original debtor.  You may want to check whether the state was served in the foreclosure, but if they filed after judgement was obtained likely shouldn't matter.  I'd reach out to the foreclosing counsel for the lender to double check. 


or instead of worrying about it.. simply pay the few hundred bucks and get a title commitment from your local closer/title company that will tell you where you stand for sure.. If it does not show up then your fine.. If it does then you have some more work to do.

Chad I find these NE states to be quite complex compared to the west coast states that are really cut and dry when it comes to these issues..
Great idea! I would definitely try title company. I think they are not insuring foreclosures,  but they might help with the knowledge.

U can pay for a stand alone title commitment Title search.. they may use abstractors in that county I dont know for sure..

Thank you! Title company told me they can do  a search and see what will show up on a report. They can't tell what will clear or not. They also told me I could contact Sheriff's office and ask them about it. I would do that.

Post: Will State Income Tax Lien Stay After Mortgage Foreclosure Sheriff's Sale

Konstantin Komkov
Pro Member
Posted
  • New to Real Estate
  • Pennsylvania
  • Posts 18
  • Votes 1
Quote from @Jay Hinrichs:
Quote from @Chad U.:
Quote from @Konstantin Komkov:

Good morning, I recently bought a property in Pennsylvania at Sheriff's mortgage foreclosure auction. I was bidding on a 1st mortgage. Recently I find out there was a State Income Tax Lien put on a property around 4 months before it went to the auction. The price I bought house at the auction will not be enough to cover even 1st mortgage in full. Question is will this state income tax lien survive the foreclosure? I asked couple of different people and get different opinions about it. As I understand Federal Tax Lien will fall of after 90 days or IRS could redeem the property. With State Tax Lien I inclined to think it would stay, I hope I am wrong. Thank you! Konstantin

State income tax liens are just like any other liens placed after the 1st, they are in junior position.  While the lien may be removed from the property after foreclosure, it still remains with the original debtor.  You may want to check whether the state was served in the foreclosure, but if they filed after judgement was obtained likely shouldn't matter.  I'd reach out to the foreclosing counsel for the lender to double check. 


or instead of worrying about it.. simply pay the few hundred bucks and get a title commitment from your local closer/title company that will tell you where you stand for sure.. If it does not show up then your fine.. If it does then you have some more work to do.

Chad I find these NE states to be quite complex compared to the west coast states that are really cut and dry when it comes to these issues..
Great idea! I would definitely try title company. I think they are not insuring foreclosures,  but they might help with the knowledge.

Post: Will State Income Tax Lien Stay After Mortgage Foreclosure Sheriff's Sale

Konstantin Komkov
Pro Member
Posted
  • New to Real Estate
  • Pennsylvania
  • Posts 18
  • Votes 1
Quote from @Chad U.:
Quote from @Konstantin Komkov:

Good morning, I recently bought a property in Pennsylvania at Sheriff's mortgage foreclosure auction. I was bidding on a 1st mortgage. Recently I find out there was a State Income Tax Lien put on a property around 4 months before it went to the auction. The price I bought house at the auction will not be enough to cover even 1st mortgage in full. Question is will this state income tax lien survive the foreclosure? I asked couple of different people and get different opinions about it. As I understand Federal Tax Lien will fall of after 90 days or IRS could redeem the property. With State Tax Lien I inclined to think it would stay, I hope I am wrong. Thank you! Konstantin

State income tax liens are just like any other liens placed after the 1st, they are in junior position.  While the lien may be removed from the property after foreclosure, it still remains with the original debtor.  You may want to check whether the state was served in the foreclosure, but if they filed after judgement was obtained likely shouldn't matter.  I'd reach out to the foreclosing counsel for the lender to double check. 

Thank you for the reply! At the auction I asked foreclosing lawyer if there any big issues I should be concerned with, he replied that he can't comment on that (((. How do I contact them now? Email, phone call, letter? Will they talk ?

Post: Will State Income Tax Lien Stay After Mortgage Foreclosure Sheriff's Sale

Konstantin Komkov
Pro Member
Posted
  • New to Real Estate
  • Pennsylvania
  • Posts 18
  • Votes 1

Good morning, I recently bought a property in Pennsylvania at Sheriff's mortgage foreclosure auction. I was bidding on a 1st mortgage. Recently I find out there was a State Income Tax Lien put on a property around 4 months before it went to the auction. The price I bought house at the auction will not be enough to cover even 1st mortgage in full. Question is will this state income tax lien survive the foreclosure? I asked couple of different people and get different opinions about it. As I understand Federal Tax Lien will fall of after 90 days or IRS could redeem the property. With State Tax Lien I inclined to think it would stay, I hope I am wrong. Thank you! Konstantin