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The borrower has 150K cash. Iim lending 50K. As 1st The

 
MyVirtualCPA's Avatar
  • Answered by:MyVirtualCPA
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Customer Question

The borrower has 150K cash. Iim lending 50K. As 1st
The 200K offer has been accepted and is in escrow
Iam concerned about tax lien
Should I loan?

Submitted: 314 days ago.
Category: Finance
Value: $30
Status: CLOSED
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Expert:  MyVirtualCPA replied 314 days ago.

Thank you for your question.

**Please follow up with any questions. DO NOT RATE MY ANSWER UNLESS YOU ARE SATISFIED. Rating me less than "Got the job done" will penalize me. FOLLOW UP WITH THE REPLY BUTTON and ask any further questions BEFORE rating my answer if it is not satisfactory to you**


I have one question you should ask yourself: If the borrower has $150,000 cash, then why don't they satisfy their tax lien, get you documentation that the lien has been satisfied, and THEN you loan them the cash? They might need more, but at least you won't be worried that the IRS will take the property you have the priXXXX XXen on.

Just a suggestion. You can do with that suggestion as you please.

Good luck, and I hope this works out for you.

**Please follow up with any questions. DO NOT RATE MY ANSWER UNLESS YOU ARE SATISFIED. Rating me less than "Got the job done" will penalize me. FOLLOW UP WITH THE REPLY BUTTON and ask any further questions BEFORE rating my answer if it is not satisfactory to you**

 
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