Got a property under contract that has 4 heirs. Everything was going well until one of the heirs came up with an IRS lien. Heir can't pay it off. What else can I do to get this property purchased?? Is it possible for that heir to transfer his interest in a deed (Gift) to another heir? Any help would be greatly appreciated!!
Is there enough equity in the property to pay off the lien at closing?
Someone, usually the title co. handling the closing for an extra fee, has to go through the process of contacting the irs, showing documentation of the sale, the amount due the person owing the lien, and get the irs to remove the lien from the property, for a partial payment of the lien. This is done often in short sales when the irs receives nothing.