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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 11 Aug 2005 07:36:21 -0700 /

Author of the message: "Didn't Vote 4 George Warmonger Bushwacker"

Title of the message:
Re: 2nd mortgage and bankruptcy

Text of the message:
>>mlrogers@cinci.rr.com    Aug 10, 9:26 pm
What was the situation of the house the IRS redeemed? I'm interested in
this because I have purchased several homes with IRS liens and they
have always left them alone. I'm wondering was there some specific
reason that you know of why they were interested in those properties
they took? >>>
Congress doesn't trust the IRS to know which properties to redeem so
the IRS can only redeems properties once they have a private 3rd party
bidder put up a 20% cash deposit.  Then the IRS advertizes the sale to
beat the bid of the poor fellow  that put up the deposit.  It's a
pretty bazzar deal and lots of work for the IRS.
TO answer your question, yes, it has everything to do with equity as
determined by real investors like yourself.   Finally the IRS says they
watch sales close but in fact they don't (not here anyway).  Some



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