Purchased a house at the short sale, IRS lien 160k and the mortgage lien is 360k+. The price went on the market at 350k.

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Customer: purchased a house at the short sale, IRS lien 160k and the mortgage lien is 360k+. The price went on the market at 350k. With all the bidders it went to 400k and my won out at 405k. After looking at the property there exists extensive repairs needed to almost everything. I am willing to take the house at 350 like it was initially on the market and the seller (estate trustee) claims that the beneficiaries are not getting a penny from the sale since the trustor had many debts, including a mortgage on the house for 315k, 160k in IRS lien, 6k in atty fees.However, it is my assumption, and I would like your input on this, if the debtors approved the house to go on the market for 350k, then they are willing to accept that number?
Answered by Infolawyer in 2 mins 7 months ago
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Infolawyer, Expert

Hello, my name is ***** ***** I am a licensed attorney with 18+ years experience. Please allow me a few moments to review your question. I will reply right back!
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Infolawyer, Expert

From your facts, yes.    That is the expectation by such a listing and becomes a reliable indicator.

Customer
banks are in general ok with taking less than there number in this circumstance?
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Infolawyer, Expert

Yes, that is correct.

Customer
Thanks!
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Infolawyer, Expert

I hope my answer is fast and clear. Please let me know if you have a follow up question and I will be happy to answer it.

Customer
Any tips on how to negotiate with the trustee?
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Infolawyer, Expert

I would negotiate through counsel to apply some pressure and leverage to the discussions and leave room to move from your demand.

Customer
Haha. I am my own attorney!
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Infolawyer, Expert

You can negotiate then and look for best result, but can also hire counsel for negotiation purposes as well.

I wish you the best. You are welcome to follow up on the answer as needed and keep me posted.

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Infolawyer, Expert

Wanted to check in again. Please let me know if you have any follow up or if you are all set. Thank you.

Customer
Nope thats it
Customer
thanks!
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Infolawyer, Expert

OK, great.

Thank you for the opportunity to address your question.

Please stay safe and healthy. You are welcome to mark me as a favorite and follow up as other questions arise.

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