Hi,
I like to know if I successfully bid a property at the auction courthouse in Texas.Will I be responsible to pay for IRS lien on the property?
How do I find out if the property that are auction has IRS liens or not?
Should I use the service of realtor?
Anyone has experience of using service provided by http://traviscountyforeclosures.com/
Their fees is rather high-
"We charge a brokerage fee of 10% of your total bid which is added to your bid to establish the predetermined purchase price. Additionally there is an interest charge at 3.00% above prime bank lending rate from the auction date until your permanent loan is funded. "
wangi,
Sorry for the harshness, but if you don’t know the answer to the first two questions, I’d rethink the bidding idea. Buying at the sale is not the place to learn and I’d highly recommend not doing so.
I don’t bid at the sale, but here’s my limited understanding. If the auction relates to a deed of trust sale, then I believe the IRS lien would still have standing. I do know folks who have gotten 90% discounts on IRS liens so the lien is not necessarily a big obstacle.
A good title search would tell you what liens are attached to a property.
The cost of Peter’s service is subjective. If you get a property you would not have been able to previously, assuming it’s a decent deal, what did it cost you? It’s no different than using hard money lenders. Availability to capital comes at a cost, but can frequently be justified as a wise move.
I haven’t spoken with Peter in months so I’m not sure his business model is the same as when I knew it. For the way I invest, the service was not a good fit, but I can certainly see how it would be for others.