Need advice......
I have an upcoming short sale listing with an IRS tax lien on it.
The property value is around $550K. But loans are around $700K. Owner tried to refinance but obviously failed due to negative equity. It got worse when he got slapped with a tax lien. In November, he received Notice of Default.
Is it possible to have the lien withdrawn? The tax lien is $93K. What can he do?
Tags:
Hi Pacita. The IRS can remove the lien so they can close on the property. Here's how to do it....
http://www.irs.gov/Businesses/Small-Businesses-%26-Self-Employed/Un...
Thanks, Bryant
I was hoping there are success stories from people who were able to get this done.
I had supplied this info to my client, and even provided him with a form. Also encouraged him to see the nearest Citizen Advisory Group which is in Oakland.
Every bit of information helps :)
I found a link to more information....http://www.irs.gov/uac/IRS-Speeds-Lien-Relief-for-Homeowners-Trying...
Pacita,
I've had many IRS liens discharged on numerous short sales. It's important for your client to know that it will be a partial release of lien unless they actually make an offer to settle in full. Ensure to work on the IRS lien release package package to be submitted which includes a title report, all lien holder approval letters, an appraisal, an additional value, and some IRS forms. It's important to have the time frames lined up properly as you don't want to be in closing and just starting/learning how to have the IRS lien removed.
If you have any questions, please don't hesitate to reach out to me as my door is always open.
310-564-6389
Thanks, Brett
Working on the IRS package now. Already have the preliminary title report. They're asking for a formal appraisal --- so I'm hoping they will waive that until the buyer has one done once an offer is accepted and the short sale is approved.
Otherwise, we'll focus on getting the short sale approved first and make sure we have all the paperwork handy for submission.
Thanks.
They will accept a BPO from a local agent...I have done quite a few and if you follow their instructions to a "t", the process is surprisingly smooth.
Thank, you Sam.
This is very good and helpful information
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