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All Forum Posts by: Ryan Anderson

Ryan Anderson has started 1 posts and replied 2 times.

Buying & Selling Real Estate

Post: Need help buying a short sale reverse mortgage from heirs

Ryan Anderson
Posted
  • Lender
  • Posts 2
  • Votes 1
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. 
0 Votes
Panama City, Florida
Buying & Selling Real Estate

Post: Need help buying a short sale reverse mortgage from heirs

Ryan Anderson
Posted
  • Lender
  • Posts 2
  • Votes 1

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

1 Vote
Panama City, Florida