I have read many of the threads on the IRS right of redemption. I recently purchased a property where the owner has over $300K in IRS liens. They are all junior to the foreclosing 1st. The 1st shows a debt of approximately $400K. I purchased it for $175K. It has a value of $250K. If the IRS redeems the property, do they pay what I paid at the auction? Or do they in fact rescind the sale and pay the total debt?
I have read many threads on the forum and understand the 120 day period, etc. But not this detail.