CLOSING a Massachusetts Short Sale with a DOR lien!

CLOSING a Massachusetts Short Sale with a DOR lien!

Framingham MA Short Sale

We had the pleasure of working with Keith Shaw again on another short sale which we closed last month in Framingham, Massachusetts.  This sale started out simply enough, but there were more hurdles than I can write about including a previous mortgage that was undischarged, a Massachusetts DOR lien, some structural issues that did not meet town code, sewer betterment lien and an improper assignment.

My first tip is to always work with an excellent title company/attorney, which we do – Grugnale Law to work out the title issues, but the DOR lien is a lien that is my issue to deal with.

My second tip is to make sure you understand the liens on title.  Typically if your title shows a DOR, or IRS lien those can be negotiated, but they will want a payout of some sort.  They will also NOT allow a homeowner to receive any compensation, so if your homeowner is getting a moving incentive of any sort in their Massachusetts Short Sale, then the DOR or IRS will negate that, meaning, put language in their approval that will prohibit the borrower from receiving any type of compensation for the sale.  This definitely puts a damper on things if you have an approved HAFA short sale with $3000 going to the homeowner.  Title will not allow two conflicting approvals so please understand your liens and

Keith Shaw, Keller Williams Short Sale Agent

approvals up front.

Thankfully we had an amazing team, and I always include the buyer as part of the team as she was responsive and so was her agent and attorney.  We of course worked with the amazing Keith Shaw out of Keller Williams again, and this is the second short sale we’ve closed in Massachusetts with Keith.  I cannot close this blog out without thanking Julie Baker, negotiator Extraordinaire, and Noreen Cowdrey from Phenix Title.

Maryann Little, VP Mitigation
Massachusetts Short Sales

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