Washington State Real Estate Excise Tax (REET)

Foreclosures, Short Sales, Tax Foreclosures
1

I facilitate short sales doing a double or simultaneous closing. My LLC needs to be on title before the closing (typically with a Quitclaim) In Washington the seller has the burden of paying the excise tax (1.78% of sales price) and since I need to be on title before the closing I need to pay the excise tax since the seller is unable because of their financial hardship. Does someone know where I can find a Title and/or Escrow Company that could assist? Also, could someone advise how to not pay this fee upfront and possibly have it rolled into the closing costs? I appreciate the feedback.

Michael Loughlin

2

As long as you do the Short Sale and fill out the HUD correct they will pay these at closing. As far as a title company in WA. I have worked with a few and will be willing to share names if you want I just don’t have all the info on this computer. Can post on monday if you still need it.

3

Summit,
I’d really appreciate any referrals. :slight_smile: The challenge I’m running into with the excise tax is that my LLC needs to be on title before the closing and the county requires the excise tax be paid when the deed is recorded. :frowning: Any suggestions as a workaround?

Thanks,
Mike