I need some seasoned advice from those of you that have been working on preforeclosure deals for a while … here are the stats:
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Property FMV: $108m
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Current Mortgage: $110m
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Rehab/Estimated work needed: $20m
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Financing: Hard Money Lender (Seller Financed)
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2005 Tax Lien: $700.00
This property is over leveraged, and in need of serious upgrades to bring a 1970s house up to rental par.
Recently another lien showed up on the current owner from 1998. He bought the house in 2003 – so I am assuming that the Federal Tax Lien below would also be a lien put on the current property he now owns.
Lien: Area: Wage & Investment Area/ $25m
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Therefore, before this property is sold, would this lien need to be satisfied? Even though it was put on the owners wages before he aquired the property?
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Will this affect my offer price in the short sale?