All Forum Posts by: Christina McIntosh

@Drew Fein

Hey! I have a seller who is trying to back out of a signed real estate contract, can you assist?

@Melissa Gallegos The redemption period is 180 days, you can’t sell it until you receive the quit claim deed. The property was vacant so I used it as a nightly rental - and kept it for a year and a half, I was a able to use North American Title Company to issue title when I sold it. Had to call about 5 title companies to issue a policy — In the end was able to sell just fine.

Figured it out!

Just call multiple title companies and explain the issue.

My issue was:

Bought property from IRS auction/was ready to sell property however,

The “extinguished liens” still exist

If a title company is familiar with IRS auctions they understand how to issue the policy.

I used North American Title Company in Colorado Springs - highly recommend!

Hey Robin!

Do you have an update?

I bought a couple properties from the IRS auction. I hadn’t run into an issue until now that I’m selling. I’m in contract and the title company issuing title to the buyer is still seeing IRS liens on the property - they’ve contacted the IRS agent and even after the agent explains the process the legal team of the title company is weary about issuing title. I feel like - now -I’ve got to find a more robust title company to issue a policy...

@Mike M. Thank you!

@John Underwood

The buyer of the property is using a VA loan. The title company is unable to issue a title policy because they don't understand the IRS seizure policy.

I’ve purchased Properties from the IRS for the last 3 years and have held them to use on Airbnb - which has been extremely profitable - however, I’ve found another property I’d like to buy. I’m in the middle of doing a 1031 exchange — only to find that the current title company is completely oblivious to how the IRS issues title - this skepticism will ultimately lead to the sale falling through...

Unless.....I can find a title company familiar with IRS Auctions - and the Quit Claim Deeds that are issued after the redemption period.

Has anyone purchased property in Colorado or Kansas from an IRS auction? Have you been successful in selling? If so, which title company did you use? How long did you hold property before it was sold?

Would love input from anyone!

Cheers,

Christina

@Todd Morrill

I’ve been purchasing properties from IRS Auctions for the last 3 years.

The PAL agent can really give you all the info about the encumbrances on the property and what liens stay and what are extinguished.

Pretty much if it’s not a judicial sale you’ll owe senior liens like mortgages - so you’ve got to look out and make sure that the property your buying is actually being foreclosed by IRS or you’ll be responsible for paying the senior encumbrance and the senior can foreclose on you after your redemption period. Then your out the money you gave IRS.

Only issue I’m running into now is I’m selling a property and finding a title company that will issue a policy is more difficult than expected!

@Jeanette Kent I’m in the middle of selling a property I purchased from an IRS auction. I’m having trouble getting a title company to issue title insurance policy - did you sell the property you purchased, and what title company did you use?

Thank you!

Christina

@Yusuf Modan I have a deed from an IRS auction. They issue a quit claim deed.