I am trying to buy a property in Florida from abroad. I have undertaken the agreed Due Diligence and spent circa $2500 for professional surveys, site assessment, building design and footprint assessments with the county etc. I have also just drawn down the purchase value (some $500K) from a home equity loan
in my home country of Australia and transferred it across to the US in readiness for settlement.
We are supposed to settle on the property in less than two weeks, but the seller has now informed my estate agent that there is an IRS tax lien against the property that could take up to 3 months to get removed.
Given this delay, at minimum I will lose out on the $1100 per month rental income from the property to be purchased, and in parallel I will suffer interest at 5.25% p.a. on the $500K in Australia. This equates to $70 AUD (USD$ 67) per day in interest.
Is there any way I can force the seller to meet the initial commitment date or at least seek financial remedy for my out of pocket costs for every day of delay? Note if I move the US$ back to Australia and temporarily repay the equity loan and then redraw in (say) three months and send it back to the US for settlement I stand to lose a lot in FOREX transaction fees and buy/sell spreads, not to mention the exchange rate volatility risks.
Can I lobby the IRS to assist? What can/should I do?