Found a property with comps of 174,000. The home is free and clear, but has a property tax lien of about 60K. What can be done about the tax lien?
Make the owner an offer that’s above $60K. Example: Offer $100K. Title company finds liens totaling $60K. Owner will net $40K.
So basically there is no way around the tax lien?
title companies will not close with liens in place. It depends on the source of the lien, if it is a property tax lien or IRS lien on the individual. I have never tried this, but from what I have heard if you purchase the property and get the deed, you can go to the IRS and have them release their lien off the property but the process takes months.
What are you trying to do? get the sale done and give the owner the money or pay less than the lien is worth? if less than the lien is worth, you may be able to negotiate with whoever has the lien to pay partial or short sale it.
I’m trying to buy it cash using a lender.
So why are you concerned about the lien? just pay it off.
Will I be able to close on the property with a lien on it?