Villages Of Greenway Park (Carrollton, TX)
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. Not so fast!  There is a way around this.  But to get from Point A to Point B, one must run an obstacle course designed only for those NOT FAINT OF HEART.  The good news is it might work, the bad news, after submission of another package to IRS, they co...
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By Pat Owens
(Ebby Halliday Realtors)
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 form and a process to accelerate the sale or refinance of  a property in this situation. For more information on this subject, visit IRS.  The link to this subject is: http://www.irs.gov/newsroom/article/0,,id=201343,00.html  
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By Pat Owens
(Ebby Halliday Realtors)
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 to get it ready for sale.  She said they couldn't decide whether to clean the satillo tile floor--which covers a good deal of the house, or to remove the original wallpaper and repaint the master bedroom and bathroom.  As a agent, I said the more important it...
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By Pat Owens
(Ebby Halliday Realtors)
Insulation in the attic-appears a cheap alternative to many new "green" innovations.  Good old simple insulation in the attic really works!  Two years ago, we purchased a 10 year old home built by a tract builder.  We bought the home because it appeared it was move in ready, and was everything that we needed, wanted and desired was there.  Cosmetically, the house was in good shape and the back yard had a pool and looked like a resort-an expense we did not want to undertake.   Living in North Texas is brutal in the summer-with temperatures typically in the 90's and many days in the 100's.  To say the least it is HOT!  And boy did I underestimated the difference in the electric bill between a two story and a one story home-which is what we had lived in the last 7 years.  That first electr...
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