Updated over 7 years ago on . Most recent reply
Negotiating with Reverse Mortgage Solutions
Hey all,
Working on finding my second deal. Got a response from one of my marketing pieces and here's the scenario:
Unfortunately an older woman's husband passed recently, Her and Her Daughter are looking to sell the house and move down to Florida together. I met with them and saw the Reverse Mortgage Statement is for $230,000 and the company holding the mortgage is Reverse Mortgage Solutions, INC.
At $230,000 the deal may be a little skinny and I've heard a short sale can be negotiated up to 95% of the appraised value. Now they are not late on any taxes and insurance or payments, but I'm wandering if the bank would consider negotiating to a lower price since her husband passed. I was thinking to call the bank with the mother and daughter present to see what we can work out.
Anyone have insight on this?