Have you had experiences the foreclosure home could not close another 120 days due to IRS liens ?

My buyer under contract on homepath home but one day before closing date the listing agent called said that the closing date will be daley to 120 days later due to IRS liens. My buyer already boxed his stuff to be ready to move out apartment.
After few days, listing agent said that the seller, Fannie Mae will not sell to my buyer after 120 days but the contact needed to be terminate.
My buyer lost termite, home inspection and appraisal expenses plus storage rental and other expenses.....  Funny thing is - this home back on the market for sale by Fannie Mae on HomePath.com again ! 
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June 04 2011 - Woodstock
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Answers (2)

The IRS has a right of redemption on properties they have liened. The foreclosing attorney had probably forgotten to notify the IRS and give them their permitted time to determine if the home had sufficient equity to payoff the mortgage before it foreclosed and then liquidate the home to cover the tax liens. What they weren't mentioning to you was that there was a slim chance you wouldn't be able to buy the home 120 days later.
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June 12 2012

What happened when the title search was done?  Where liens there at that time?  Since this was a foreclosure any liens present should have been wiped by the foreclosure.

It is possible the Seller owed the IRS and they have not yet placed a lien on the home, they have 120 days to place the lien.

If there really are IRS liens, your Buyer is probably lucky they found out before closing.

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June 04 2011
 
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