I am looking at buying a property in Michigan that is in foreclosure.The deed was sold at the Sheriff sale

Asked by Jon, Traverse City, MI Fri Oct 19, 2007

back to the bank (wellsfargo) but the redemption period is not up until 12/20/07.I know the owner has a lien or two against the property from unpaid Fed/state tax.would I be liable for the unpaid liens if I buy the property before the redemption period is up? after it is up?

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Dana Clausen, , Grand Rapids, MI
Fri Oct 19, 2007
You'd need to make sure old liens were forgiven prior to transfer of title. Make sure your attorney/realtor, or title examiner is aware of the clouds.
Web Reference:  http://www.DanaSellsGR.com
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Connie, , Newport, MI
Fri Oct 19, 2007
If you are contemplating buying a property with these "strings attached," I would highly recommend having pre-title work done to see exactly what shows up. I believe real estate taxes can supercede first lien holder. I'm thinking the IRS has some authority too but I don't know the order of subordidnation. Most banks will pay the taxes to maintain their 1st position. I'll be looking forward to more answers on this one. Connie
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