IRS Tax Liens
I have a short sale coming up only to find there is an IRS tax lien. Any suggestions on how to handle that? OR is it a deal killer before we even start?
Comment
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Comment by Tara Samney on March 3, 2013 at 1:09pm
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See Karla's post. Yes, I've done it- and as Karla writes it surprisingly is more simple than the short sale itself. The client will still owe the amount to the IRS though- it is not forgiven, only released from the house.
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Comment by Karla Taylor on March 3, 2013 at 11:23am
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You can short sale a property with a federal tax lien. You need the form, discharge of the federal tax lien. I believe it's a form 783. Basically you have to show their lien is valueless. You'll need an appraisal, the offer, a HUD1, a payoff from the mortgage company and the short sale approval. It takes about 30-45 days. It's not nearly as hard as the short sale itself.
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Comment by Bryant Tutas on February 20, 2013 at 1:32am
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