Updated over 14 years ago on . Most recent reply
Terri Pour-RastegarPoster
- Rental Property Investor
- Charlotte NC Fort Mill SC Lake Wylie SC, SC
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Buying REOs RE: Reverse Mortgages
Hello. I have begun to encounter REOs being sold subject to the following: 24 CFR 206.125. I know this clause relates to reverse mortgage and due-on-sale issues.
However, with these same issues, the selling agent will not accept anything less than full-price offers. In fact, it is often so stated in the listing, blamed directly on that particular bit of the code.
What's the deal with this? Why can they not accept anything less than full price simply because a reverse mortgage or due-on-sale issue is at stake?
And, more importantly, how do I play this game so that I can get these houses at the low-ball prices I'm used to getting? :wink: