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irs transcripts for short sale

Let me start off thanking anyone who answers.

My question is, I am waiting on a close date to a house we bought that was a short sale.
The short sale was already banked approved and now i am told that the bank (i think)  is waiting for the IRS Transcripts before we move forward.!

What does that mean?  My agent did not explain well to me and i am wondering how long will THAT take?

our offer was jan 05 2013 and we were told it should only take 30 days to close, and here it is March 25.

Help if you can.  thank you

  • March 23 2013 - Sterling Heights
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Answers (1)

Profile picture for markz7
They are most likely waiting for confirmation from the bank to verify that the tax returns the homeowner gave the bank are indeed the tax returns they filed with the IRS. The homeowner signed a 4506 which gives the bank permission to verify their IRS transcripts. People in the past have created fake tax returns, so now the banks verify them. I have seen this take anywhere from one week to two months to get the transcripts back. 
  • March 23 2013
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