Want to buy a distressed property that has a reverse mortgage.
Looking to buy my first investment property and I have found a potential property that is in preforclosure. However the deceased owner had a reverse mortgage around $300,000. Her son is wanting a short sale before it is auctioned off. Currently auction cannot proceed because there are many squatters living at the property. I am a new real estate agent, so I have all the title info but confused how the reverse mortgage would affect the sale and who I should contact? The bank with the reverse mortgage? Any thoughts would be greatly appreciated!