sheriff's sale---- shall I bid or not?

[Alex Shane]

I am interested in a property scheduled for sheriff's sale but not sure if I should give it a shot or not. 

The property is owned by a business, but the business owner passed away a few years ago. The property has $150K IRS lien.  The property value is about 600K, first loan is 250K.

I have mainly two concerns: 

if the IRS lien will be wiped out or not. The IRS lien was recorded after the first mortgage judgement. 

For this kind of ownership, will it be more risky to have title issue? For instance, someone shows up claiming being the business owner's relative/heir. 

Any advice would be greatly appreciated. Thank you in advance!

[Jay Hinrichs]

@Alex Shane  as Mark so accurately pointed out the IRS lien does not go away at sale.. it will sunset though in 120 days if the IRS does not redeem.. and if they redeem they have to give you all your money you bid back plus statutory  interest.   And probably any money you used to secure the home and keep it from getting ruined.

I have only had one redemption and it really was not a redemption it was a huge equity deal and of course I was the only cowboy who routinely bid on sales with IRS liens.. as I had no problem waiting them out and I did not need to secure up with a HML quickly after the sale.. But what happened was IRS contacted me and we negotiated some money on behalf of the owner who got foreclosed.. still a smoking deal for us. But they did not get all their cash and I did not get the Whopper I thought I might get.

there is equity in this one there is a chance they will move on it.. so its your call and depends on if you have other uses for your 250k in the next 120 days... with that kind of spread for me it would be a no brainer I would buy it.