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Forums » Make Deals, Find Partners, Mentors & BirdDogs, etc. » REO not on market yet, had reverse mortgage

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Tag Tags: reverse mortgage reo


Gary Smith

Real Estate Investor · Sacramento, California


Forum_avatar_avatar-equity_man

Icon_minipost Sep 20 '09, 02:52 AM

(not sure if this should go in the REO section)

I'm a bird dog in Sacramento, and I found an REO that's not on the market yet. It had a reverse mortgage. The owner died 3 years ago and the Bank has had it since. They just got around
to having an estate sale on Sept 19. The house seems in good condition; no damage that I saw.

The estate sale will likely draw attention to the property, so now's the time to act. Should I find out what bank owns the property, or just pass it to an investor who's knowledgeable about this type of deal?

General description:

Br - 3
baths - 2.5
sq ft - 1688
yr blt: 1979

Good city; quiet neighborhood.

Edited: 06/26/2010 at 09:46AM


Gary Smith

Real Estate Investor · Sacramento, California


Forum_avatar_avatar-equity_man

Icon_minipost Mar 04 '10, 06:52 AM

I haven't taken any action on this property.

I was thinking about it yesterday because I'm trying to find a cheap place to rent in that very area. So I had this wild idea - Being a renter there, and possibly getting a good deal.

Then I did a search and found this quote from someone in my state: "banks are now required to keep a bona fide tenant in an REO so they can fulfill their lease term"

So is this worth pursuing?

Edited: 06/26/2010 at 11:54AM


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