A partner and I are attempting to do a back to back close with a short sale. We found a property made an offer to the bank that was accepted, and have several offer to buy the home from us. I title search reveals many different leins on the property ranging from the IRS to State tax commision to building material leins. The only way to do the deal is to get a clean title, and hear is what I found as I try to clean up the title. The IRS is the biggest problem, because they will trump all other leins including the 1st mortgage from the bank. The state tax commision would not negociate the amount and would not remove the lein even when I explained that if it goes to forclosure they will not get any money. The rest of the lein holders were willing to negociate. I am still working with the seller to get everything worked out, but it looks like this deal will not happen. So learn from others, in a short sale find out from the seller if he know of any other leins on the property and get a list so you can start your negociations.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125