We took a three hour course to familiarize ourselves with short sales. We decided to try some. I was more interested than Cecelia. She is always there to support me even when she's not too excited about a particular hair brained scheme I might have.Over time we accumulated 10 Listings. 7 were with one person who overbought every home at terrible prices. Her records were inadequate and as a result we spent some dollars and learned some lessons and moved on. WE completed our first short sale on 6/30/08. It was difficult to do and we were thrilled to get it done. The IRS had a lien on the property. The lender was owed about 120k and the IRS 20k. The seller had been working with the IRS for an Offer in Compromise. We hired a former IRS employee and she advised us how to proceed. The IRS accepted an Offer in Compromise for about 3000. The also said they would discharge the lien if the item was on the HUD statement and the money was sent to them along with the Approval Letter of the short sale from the lender. The buyer agreed to pay the IRS the 3000 at closing. The lender supplied the appropriate document for the IRS. The Title Company took care of everything and we got it done. It was nice to get the IRS to cooperate. They couldn't have been more helpful. We can now say we are experts. We did both sides. The home owner received a write-off from the bank in excess of 120000 + the IRS problem went from 20000 to Nothing. The Home owner has severe health issues and was under a great deal of stress. It wasn't like he was trying to make a killing. We were glad to help him take care of his problem.
That's it One down 2 cooking 5 more potentials and we'll let you know what happens. If you are in trouble with your mortgage and need help, call us. You never know what is possible.