An IRS Property Lien Could Prove a Stumbling Block to Closing a Short Sale - 03/14/10 10:04 AM
In my neverending education on Short Sale transactions, I have learned that if there is an IRS lien on a property that is pending as a Short Sale, not only must the seller jump through hoops for the lender(s), but IRS demands an obstacle course to be run.
I currently have a short sale transaction that is approved and ready for closing and with an IRS lien showing on the title, the lender has offered only 10% to payoff this lien.  As we all know, IRS liens take priority over a 1st lien mortgage, therefore it must be satisfied by the sale.
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Trying to sell or refinance with an IRS lien - 03/05/10 01:59 PM
I am currently working with a couple who is selling their home as a short sale and there is a sizable IRS lien on the property.
We have approval on the deal and have about 30 days to get it closed, subject to the IRS lien accepting about 10% of what is owed.  The homeowner is frustrated because all he ever gets at IRS is a recording and has not been able to talk to anyone. 
I decided to little research of my own and learned that this situation is not new to the IRS and they actually have created a … (1 comments)

When to do a remodel - 03/03/10 12:56 PM
I was talking to my daughter who lives in a neighboring city yesterday and she and her husband have outgrown their first home and after adding three children and one rather large dog, it's time to upgrade.  They have done a bit of painting and reflooring since moving in, but let's face it, it is an older home--probably built in the 1960's, and it could definitely use a redo. 
The reason for her call was a request that her father and I keep the children next week while on spring break so she and hubby could do some work on the house … (0 comments)

HUD FORECLOSURES - 03/02/10 02:58 PM
FORECLOSURES-FHA OFFERS A GREAT OPPORTUNITY FOR REAL ESTATE BUYERS 
It had been a while since I had really been to an FHA (Federal Housing Administration oversees the housing program for the HUD-Department of Housing and Urban Development) training session and since we all need to revisit areas of expertise, recently, I took a class on HUD foreclosures, aka "repos." 
Two of my company's associates joined me for the training session-so did 147 other real estate agents in the North Dallas area.  This is BIG BUSINESS and the main purpose of this training was for the real estate community to show and … (0 comments)

Government's Newest Incentive for Short Sales - 03/01/10 03:39 PM
NEW GOVERNMENT INCENTIVES FOR SHORT SALES 
Recently, I heard of this program for the government to pay incentives to the seller and the servicing agent of the loan upon the closing and funding of a short sale. 
A short sale is when a property is sold to an arms-length third party and the investor (the company who owns the loan) agrees to accept a sales price that is less than the amount owed on the property. 
Previously, investors appeared to not seem too interested in pursuing short sales.  The negotiators for the investors were mysterious behind-the-scene individuals who seemed to drag … (1 comments)

 

Pat Owens

Carrollton, TX

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Ebby Halliday Realtors

Address: 5013 W Plano Parkway Ste 100, Plano, TX, 75093

Office Phone: (972) 735-9600 x 5061

Cell Phone: (469) 231-8744

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