Reverse Mortgage in mitigation California property
Hello, this would be my deal I am a newbie to wholesaling, I am working with the daughter has power of attorney of her moms home, in which it has been sitting abandon for several years, property has a reverse mortgage on it, and is in mitigation, I called talked to the bank, I explained the my intent to purchase the property, although it is trashed, area is not the same as 10yrs ago, different culture, the homeless live in surrounding the area, area has the highest crime in the city, zoning has also changed, it is also H2S, in which allows housing for farm workers. Bank said they would take less than the 260,000 original amount, I was planning to write an offer 180,000. Has anyone had a scenario like this would this work?