All Forum Posts by: Scott Morris

I bought a couple properties that had IRS liens on the property.  In both cases I waited the 120 days and then the property was free.  The last one I even contacted the IRS after the 120 days about getting paperwork that said they no longer had any claim.  The IRS agent was a little mystified and said that the 120 days was up it's yours.

I'm no longer concerned about IRS liens.  It's kinda nice because it scares the other investors off.

Regards,

Scott

Anyone familiar with the Washington State distressed owner law?  http://app.leg.wa.gov/rcw/default.aspx?cite=61.34&full=true

I have been purchasing trustee foreclosures for nearly 4 years.  I  have been thinking about pursuing the properties before they get to the auction.  I already maintain a list of NTS and sheriff sales so I know who to contact.  The only issue is how the above law will affect my operation.  There seem to be a few ways out of the 80% law.  One is when the owner doesn't actually live in the property.  Another, and this may be just reading in to the definitions, is if the property is bought outright and the owner moves out of the property never to return. 

See the excerpt from the law below:

(5) "Distressed home conveyance" means a transaction in which:

(a) A distressed homeowner transfers an interest in the distressed home to a distressed home purchaser;

(b) The distressed home purchaser allows the distressed homeowner to occupy the distressed home; and

(c) The distressed home purchaser or a person acting in participation with the distressed home purchaser conveys or promises to convey the distressed home to the distressed homeowner, provides the distressed homeowner with an option to purchase the distressed home at a later date, or promises the distressed homeowner an interest in, or portion of, the proceeds of any resale of the distressed home.

Is anyone familiar with this law?  Who has bought properties in WA that were in foreclosure and what are your experiences?

Regards,

Scott

If the tax roles have at least a valid name I usually google the name but also have found a great website www.radaris.com that helps track down addresses and phone numbers.

The neighbors can generally tell you the story on the house and who lived there but I've found that they rarely can give you good contact info.

The worst ones are houses where the tax roles have a deceased persons name on it. You end up trying to find next of kin. Gets deep real fast.