IRS lien adjustment review
This is something never heard of. I have a SS with everything cleared needing only IRS payoff information.
IRS originally agreed on a reduced payoff (before bank approval letter). After bank gave approval letter, the seller signed the agreement and sent back to IRS. After two weeks waiting without any update, the seller called and was told it is under review again. I am not sure about the nature of this review (just a formal process or more like possible fraud investigation). The closing deadline is only 3 weeks away and not sure if we can make it.
Any info here will be helpful
IRS originally agreed on a reduced payoff (before bank approval letter). After bank gave approval letter, the seller signed the agreement and sent back to IRS. After two weeks waiting without any update, the seller called and was told it is under review again. I am not sure about the nature of this review (just a formal process or more like possible fraud investigation). The closing deadline is only 3 weeks away and not sure if we can make it.
Any info here will be helpful
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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I'm not familiar with the workings of the IRS - supposedly it takes only a little to have them remove the lien from a property (I guess because they are happy to go after your grandkids, etc. - easier targets?).
If the IRS sent an agreement, is a signature missing? If not, you have THE agreement and they can go look at it all they want, they agreed. Since it is possible that you are overlooking this, I thought I'd mention it, even though it is a very slim possibility. - can't help with the IRS, unfortunately, but I will be watching for results and others' suggestions.. -
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Permalink Reply by Alex on
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Seller did not sign the agreement with IRS as approval letter from bank was pending then (but needed IRS number to do the hud). Now the seller signed off on the IRS letter and IRS is back in a stage of review. Not sure what the review is all about and how long it takes.
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If the agreement with the IRS stipulated approval and has not expired and only needed the seller's signature, then it seems to be set. If the IRS is now thinking of changing, then it is time for an attorney to discuss with the IRS their approval and their attempt to undermine it. But, it seems to me, that this would be the diff between a real approval and a letter signed by the seller to go to the IRS for final approval - 2 totally different situations.
Even so, if the IRS is waffling, maybe you need to get someone to argue and discuss with them the merits of going through with their original proposal/agreement. For one thing, it is negotiating in bad faith to offer a solution to the seller then yank it back - a good negotiator would point that out and other issues (like their change made the seller give up an alternative to fix the situation and now it is not available and the IRS just forced him into foreclosure unnecessarily) that could persuade them to stop screwing around. Left on their own, they may just flip a coin and you get stuck with the outcome -- raise some noise and at least you stack things in your favor.
Don't look at the IRS as "clean" and able to change their mind whenever they feel - there is something here depending upon them to be honest and to negotiate in good faith.
But, I'm no lawyer and certainly no IRS lawyer - these just seem normal in situations like this... -
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