Tax Returns Will Be Reviewed When You Purchase a Home

By
Real Estate Agent with Marilyn Boudreaux, Century 21 Mike D. Bono & Co.'s

2720 Timber SOLD in Lake Charles LA

This Lake Charles home was a Fannie Mae foreclosure in surprisingly good condition with recent updates!

2720 Timber is a 41 year old 1900 sq ft home in South Lake Charles LA near Prien Lake Park. The convenience of the location and price of $144,000 made this home attractive to many home buyers. This house was only on the market for 5 days before going under contract!!!

 

Buyer's often find themselves jumping through hoops in order to get final loan approval. This home purchase had a technical block with the buyer's IRS tax return from 2010. The buyer had been working with the IRS for 2 years to clear up the problem which was really just a flag on his name due to a similar name on a return from someone else who had turned in a fraudulent tax return. Guess who caught the IRS flagged account??? The lender!!!

That phrase "I fought the law and the law won" does not apply this time!  The buyer fought back and WON his fight with a government entity.  The buyer had to go above the heads of the local IRS and obtain explanation letters from the IRS office that the lender would accept.   His flagged account was lifted....

Home buyers should take note that if they have any discrepancies or name similarities, it could slow down the loan process and explanation letters will be required.

Sometimes when purchasing a home you will face challenges but persistence and patience will pay off. We made it to the closing table and not only did this buyer get a great house that was a low priced foreclosed home, he won his fight with red tape and piles of paper from the IRS!

As your Lake Charles Realtor, I am here to guide you and help you find your dream home and assist you with inspections as well as work with your loan officer to see the process through to a successful close!

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Century 21 Mike D. Bono & Co.'s

4410 Nelson Road, Lake Charles, LA, 70605 USA

337-478-1578 or 337-499-9592

CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC. An Equal Opportunity Company. Equal housing Opportunity. Each office is independently owned and operated.  The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments are not warranted or implied representation of it's accuracy,  All information is copywritten and the property of the Author, Marilyn Boudreaux.  

 

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Topic:
Home Buying
Location:
Louisiana Calcasieu Parish Lake Charles
Groups:
Advice for Buyers
Tags:
foreclosures
tax returns
irs

Comments 6 New Comment

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Rainmaker
353,004
Pat Champion
Coldwell Banker Camelot Realty

Congratulations to your home buyer's on clearing up with the IRS and being able to purchase their home. This is a great post for all home buyer's to read. Thanks for sharing.

July 01, 2012 09:03 AM
Rainmaker
793,864
Tim Lorenz
949 874-2247
TIM LORENZ of Keller Williams Realty

Yes congratulations on a job well done assisting the buyers and helping them solve the problem.

July 01, 2012 09:08 AM
Ambassador
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Bob Crane
Forestland Experts! 715-204-9663
Woodland Management Service

Thanks for the success story Marilyn, its tough and infrequent when someone can win a fight with the government, glad your client was successful.

July 01, 2012 10:27 AM
Ambassador
599,978
Doug Rogers
Your Pineville Louisiana Agent
Bayou Properties Realty

Way to go. Uncle Sam can be a pain in the rear sometimes.

July 01, 2012 05:10 PM
Rainmaker
1,580,064
Lou Ludwig
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO
Ludwig & Associates

Marilyn

On some sales we just have  to persistent to get it done, and having the customer's be proactive is a big help.

Congratulations on getting the job done.

Good luck and success.

Lou Ludwig

July 01, 2012 07:00 PM
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Marilyn Boudreaux

Lake Charles LA Century 21 Realtor
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Additional Information

Author Bio: Marilyn Boudreaux Marilyn Boudreaux is a full time REALTOR® licensed by the Louisiana Real Estate Commission and affiliated with Century 21 Mike D. Bono & Co.'s in Lake Charles, LA. Marilyn Boudreaux is one of the top 100 real estate agents within the entire Century 21 South Louisiana/Texas Region

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