I represent the buyers and looking for suggestions for the listing agent on how to get an approval from the IRS on allowing the short sale of a property. The 1st & 2nd had given there approval. Property has since under appraised. It's been 30 days now and the IRS hasn't given any indication on whether they will allow the sellers to proceed with the short sale. Agent says the seller is calling 2x a week - IRS has been non-responsive. Any suggestions would be appreciated.
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Jeanine,
I was curious how this ended? How long did the IRS lien approval take? I am in the same boat.
Contact your local IRS office by the last name of the borrower and ask them for the correct Subordination of IRS Tax Lien form. I've done it on 2 short sales, but the EZ form they had has changed if I remember correctly. You can also look on irs.gov and search for subordination of tax lien.
They need to follow the very specific instructions laid out by the IRS.
http://www.irs.gov/businesses/small/article/0,,id=108339,00.html