Hey all! We just got a referral for another short sale and have never seen this before, so before we put too much effort into it, we wanted the SSS gang to take a look and offer some advice. We got the prelim this morning and noticed that there are personal income tax, property tax and abstract liens recorded against the property. To our utter shock and amazement we found over $118k of liens, plus the $162k World Savings note. Since the home is only worth $199k, there will be a shortage somewhere, but we see this as a challenge and want to give it a shot. So anyone who has had experience with this please explain the steps and well get it done. We understand that in California the property tax and income tax liens get top priority, but can those amounts be negotiated with the IRS? Also, since the abstracts were filed by a collection agency, can those be removed from the prelim and then negotiated outside of escrow?
Thanks Ron and B Man! We rarely do this, but we will say no and inform our client of his options.