300K IRS Lien - Tax Sale - Negatives - Advice
There is a huge parcel of land 110 acre 650K comp pacre parcel going up for auction due to taxes.
I pulled the records and discovered the parcel has about 300k in IRS liens and 2k in state liens. I know the IRS has a certain time frame (I think 90 days) to procure the property. If they do they will pay me the money I paid at the tax sale. It is just land therefore no improvements would be made. It seems like there is no down side. Am I missing anything?
Also the taxes owed is only around 1k due to agricultural zoning. Is there a way to bid up the property to 10k even if there is no other bidders?
I love owning large parcels of land but noticed that they hardly ever owe a lot of back taxes even if they are years behind.