Short Sale Forms
I have a possible short sale that is on the way. Worked with the seller, spoke to the bank loss mitigation dept, and they have agreed to let it go for $177,000. The property just appraised for $290,000. It is a condo in a Retirement area. I am going to meet with the Seller today, so that he can actually fill out some of the paperwork. Where can I find these forms? I plan on assigning it to another investor. Pretty much already on board to purhcase the contract from me. This property is in CT. If anyone else wants it let me know.
with interest arear he was into it for about 202K. Original balance before arears he was into it for about 174K.
Work with the Seller, prepare and submit a formal short sale application to loss mit, get a formal response... simultaneously, work with the IRS to negotiate a lien release.
Do you know of where I can get these forms. I am an in a real crunch. I have the authorization form. I need a net sheet. I have to pull some low comps still. No repairs really needed. I will also let them know of the 26K IRS Lien. I would appreciate some help locating the forms.
The only other question I have to ask is. In a short sale situation, If the bank did say they would accept 177K and in the contract I put that all liens would have to be satisfied. Would that cover me for the IRS lien that they have?