HI I'm a wholesaler here in TX, I'm curious can you wholesale a house that has a reverse mortgage that has just been moved to HUD servicer? If so what should I look for or go about doing this transaction differently?
A reverse mortgage is not going to be marketed on Hudhomestore.com but will be listed in mls
The property can only be sold for list price for the first 120 days it is on the market. Buyer pays all closing costs. EM is 10% as I recall. Buyer selects Title company
So with a high Earnest Money requirement, you better be sure you can find a buyer. You would also need to do a double close
ok cool it just switch from servicer to HUD a week ago they hadn't even listed it yet I found house driving for dollar and called owner. She is well to do a deal... So I can wholesale this just would need high earnest money correct?
also I saw somewhere hud usually wants $500. I can do that to make this deal work if I have to. Im willing to take that risk. since the balance is 76k and ARV on it is $140K it just needs a make ready.
If the property has been conveyed to HUD then it has already been foreclosed on and the owner is done. Details are missing here
Rules are different on a HUd that is a RM. 10% Em. Proof of funds required. Additionally, the property will be list at market value and first made available to owner occupants
hmmm. she told me that : " Novad Management Consulting is the contractor handling the home equity account on behalf of HUD"
How is the owner involved if HUD has the property ?