Dona Reynolds, Blog: October 2009

If you have a short sale property with an IRS tax lien, the IRS will remove thier lien and allow you to sell the home. It takes WORK but it can be done!

In cases where the homeowner has not paid their income taxes, the IRS may place a federal tax lien on the property. Actually, the lien covers all of the person's property including the home. Typically, you can convince the IRS to remove the tax lien (from the house) by requesting a Certificate of Discharge of Property from Federal Tax Lien (Publication 783) with the IRS.

The reason the IRS has placed the lien on the person's home is so that they will get paid whenever the person sells their property. If you can convince the IRS that the homeowner is upside down and that there will be no resulting proceeds from the sale, the IRS may agree to release their lien. Along with your request, you will need to include some supporting documentation such as the purchase contract, the payoff statement from the bank, and so forth.

I have had to deal with IRS tax liens on several occasions, and they are not fun. However, there is no way to move the short sale transaction forward until the IRS tax lien has been removed.

This entire process should be coordinated in conjunction with your title company or attorney. Make certain that you are working with a title agent who knows the ins-and-outs of the partial release of lien process. For more information and complete instructions, go to www.irs.gov and search for "Publication 783."

Happy Short Selling!

 

Law of Mechanical Repair:
After your hands become coated with grease, your nose will begin to itch and you'll have to pee.

Law of Gravity:
Any tool, when dropped, will roll to the least accessible corner.

Law of Probability:
The probability of being watched is directly proportional to the stupidity of your act.

Law of Random Numbers:
If you dial a wrong number, you never get a busy signal and someone always answers.

Law of the Alibi:
If you tell the boss you were late for work because you had a flat tire, the very next morning you will have a flat tire.

Variation Law:
If you change lines in a queue, the one you were in will always move faster than the one you are in now (works every time).

Law of the Bath/Shower:
As soon as the body is fully immersed in water, the telephone rings.

Law of Close Encounters:
The probability of meeting someone you know increases dramatically when you are with someone you don't want to be seen with.

Law of Machination:
When you try to prove to someone that a machine won't work, it will.

Law of Biomechanics:
The severity of the itch is inversely proportional to the reach.

Law of the Theatre:
At any event, the people whose seats are furthest from the aisle arrive last.

The Starbucks Law:
As soon as you sit down to a cup of hot coffee, your boss will ask you to do something which will last until the coffee is cold.

Murphy's Law of Lockers:
If there are only two people in a gym locker room, they will have adjacent lockers.

Law of Physical Surfaces:
The chances of an open-faced sandwich landing face down on a floor covering are directly correlated to the newness and cost of the carpet/rug.

Law of Logical Argument:
Anything is possible if you don't know what you are talking about.

Brown's Law of Physical Appearance:
If the shoe fits, it's ugly.

Oliver's Law of Public Speaking:
A closed mouth gathers no feet.

Wilson's Law of Commercial Marketing Strategy:
As soon as you find a product you really like, they will stop making it.

~ Run For Education~ Sunday, October 18, 2009

Join the thousands of Washoe County students and their parents this Sunday for the 5th annual "Run for Education."

Where: Damonte Ranch High School in Reno, Nevada

Registration: Begins at 7am. Early registration is Saturday October 17th from 10am to 2pm at the Residence Inn, 9845 Gateway Drive, Reno, Nevada.

Date: Sunday, October 18, 2009

The Run for Education was founded in 2005. The goal of this fundraiser is to build a better future for our children by assisting the Washoe County School District fund educational programs within the school district and bring awareness to child fitness.

100% of the funds generated through the registration and sponsorship of the Run will directly benefit the children in the Washoe County via the Education Alliance of Washoe County. The program also raised money for books and summer school programs.

Since its inception four years ago, the Run for Education has raised $717,000 for local schools and students.The two principal programs funded by the Run include the Kids in Motion (KIM) and the Passport Program. KIM focuses on the needs of elementary school children by providing funds to participating schools in the form of mini grants to help the schools purchase fitness equipment.

Since 2005, schools have received over 90 mini-grants as a direct benefit from the KIM program. The Passport program assists those K - 12 students who need additional assistance to help them meet their educational goals (summer school, inter session classes, tutoring, etc.) but need financial assistance to do so. Since the Run was initiated more than 2000 students have been assisted.

The Run for Education is broken down by age groups into several divisions, including a 10-kilometer run, a 5-kilometer run and walk, and half-mile runs for children in Kindergarten through Sixth grade. Cash prizes are awarded to the first, second and third place finishers in both the male and female divisions for the overall 10k and 5k runs.

There are also special school awards category that award local schools based on the number of students that participate. Post race there will be a variety of exciting entertainment and fun games for everyone. Activities following the race will include bounce houses, a climbing wall, basketball, football, golf and much more!

~Run For Education ~ Washoe Country Northern Nevada Schools~

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If you are interested in buying or selling a home in Northern Nevada, feel free to call me at 775-846-5424 or email me at Terrie@Terrieleighton.com. You can also visit Serving Reno and Sparks to see a complete list of homes available for sale in Northern Nevada.

 Posted by Terrie Leighton. Terrie is a licensed real estate agent with Ferrari-Lund Real Estate in Northern Nevada. If you would like  information on homes listed for sale in Northern Nevada, call Terrie at 775-846-5424 or email Terrie at Terrie@TerrieLeighton.com. You can visit her website at Serving Reno and Sparks. If you are interested in listing your home, call Terrie Leighton at 775-846-5424. She can help you get started today.

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