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In this video, you will discover the right thought process when you discover federal tax liens at a real estate wholesale closing.
QUESTION - “I have a house under contract for $95k.
Come to find out, the owner has a federal tax lien that she had to reveal to the title company.
Though it isn’t attached to the house nor filed in the same county as the house, but Uncle Sam needs his money.
The owner is putting in the paperwork in hopes that the IRS will release her from having to pay it.
I highly doubt that Sammie will be that forgiving, especially since she has this asset.
I would have to cough up 37k more to satisfy IRS.
ARV is 195k.
House has a pool; Did not include it in the comps. And depending on what all the pool needs, repairs are 30 to 40k to get house and pool up to speed.
I’m not sure if a pool adds value to a house????
And if so, by how much?
My main concern/question:
Will the federal lien prolong the closing, or can an all cash buyer close immediately through title company?”
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ABOUT YOUR HOST ::::|
Ola "Tux" Abitogun is the Creator of myEmpirePRO and author of Smart Real Estate Wholesaling. He became a FULL TIME entrepreneur in October 2006.
He is a computer engineer and an engineering management graduate from New Jersey Institute of Technology; (NJIT) class of 2004/5. He was born in Dallas Texas and raised in Nigeria by his Nigerian parents. He considers himself a proud Nigerian American.
Today, he is a marketing addict, trainer, marketing and business consultant, real estate investor and all around serial entrepreneur. Most importantly, he is husband and father to their 2 Boys. The professional work he is mostly proud of is personally helping 1,000+ entrepreneurs around the world reach greater heights in their careers.
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