Posted by Jim on April 25, 2001 at 04:01:36:
If there is no equity, my friend, why not just “Get the Deed”. Have them sign the deed over to you and let you take over the debt on the property. With the deed now in your name the IRS (going after the seller) has very little recourse to attach the property.
When there is little or no equity the sellers has little excuse to not give you the deed. I know, I know,… What if the seller is credit conscious? I explain that’s the more reason to give me the deed, I would then have a vested interest in the property and it would be highly to my advantage to keep the financing current, what ever the reason. AND this being my business (as apposed to a owner/ocupant), I have the resourses to just that.