Tax Liens

What happens when a seller has federal and state tax liens. Do they have to satisfy those liens before the bank will approve a short sale?  Or is there away around the short sale getting approved with the tax liens.

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Permalink Reply by Previous SunTrust Negotiatior on July 22, 2012 at 1:54pm

Hello,

I allocate $1500 for the release of either of federal or state release. Prepare all the tax lien docs for the seller (the IRS wants affidavits, buyer appraisal, HUD, Sales Contract, and Title Report). Never an issue because the tax lien can acutally take the asset if the bank does not approve. I have the seller go to the federal or state tax office with the required documents and have them released within 2 weeks. Works like a charm.

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