Need help buying a short sale reverse mortgage from heirs

[Ryan Anderson]

My next door neighbors passed away a few years ago. During probate their heirs found out that they had a reverse mortgage that is now more than the house is worth. They have agreed to sell the house to me, and I plan to move into it as my primary for a few years. They say that the mortgage is "with HUD" and need to do a short sale. I would love some advice from someone with experience in this area.

Ryan

[Chris Seveney]

Quote from @Ryan Anderson:

Quote from @Minna Reid:

I've been doing short sales for almost 20 years and have done many reverse mortgage shorts. They are a pretty standard process, but you shouldn't attempt this yourself as the buyer. Is there a listing agent involved? Usually that person handles the reverse short process, and is paid out of proceeds so there is no out of pocket cost to anyone. Is there an agent involved?

No, there are no agents involved yet. We are working directly with the heirs. 

 That is the problem - you should get experienced agent involved to assist with the transaction to get it done before the home gets foreclosed on.