Hi Everyone – Was hoping someone could lend some advice. Had a client who we got an offer accepted for about 5 months ago. It is now a few days before the lump sum is due and the client was not able to come up with the money. What is the best move? Let the offer default and do a new offer? Appreciate any help I can get on this. Thanks.
Jarett, contact the IRS Offer specialist and explain the situation and ask if they can give him more time. Strangely this often works and they may give them another month or two, even though they are not supposed to.
Now if they cannot come up with the money because of a change in circumstances you can technically do an Offer on the offer and file a whole new financial.
But if this is basically because they are having trouble coming up with the money or freeing up equity in assets ask for more time and have them do everything they can to beg, borrow and steal the money. Worse case, if they cannot come up with it, then the offer will fail and they go back to collections.