I opened escrow on Friday.? I have heard that some title companies extend the restriction to 180 days becuase the IRS has the ability to extend even after the 120 days has expired. Any thoughts on that issue?
My thought is that whoever told you that is wrong. I’ve closed probably a dozen of these on the 121st day.
I tend to trust what you say. You have the hands on experience. The realtors, loan brokers and title folks that I have met are all seemibly intimidated by forecloseures. I think I have connected with a good group at FA in San Jose and Concord. They don’t seem phased by the idea, but want to reserve comment until they see the property facts. I hope you are right, I would prefer to flip this one, although we are buying some rentals, this is not a good candidate for a rental. Too big and too nice.
The response from FA seems reasonable - I wouldn’t worry about it until the pre comes back and they review it.
it is the greater of 120 days or state statute as to redemption period. in south dakota it’s 180 day redemption period, so we sit 180 days waiting on irs liens. Sigh.