Home » Real Estate Forums » Real Estate Investing » Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Buying a Property with a Reverse Mortgage, which is upside down!

Posted on: Tue, 08/18/2009 - 05:53
Buying a Property with a Reverse Mortgage, which is upside down!

DG Family,

I found a property down the street that is a fixer. The parents took out a reverse mortgage and now the property is upside down about $45,000.

I spoke to the heirs today and they are willing to work with me any which way. I have never dealt with a Reverse Mortgage Investment before HELP PLEASE!

Can I go in and try to negotiate a short sale? Also is there a way I can keep it as a rental? Any light shed on this would be greatly appreciated.

__________________


Posted on: Thu, 04/05/2012 - 01:41 #1
1st things 1st.

I wouldn't rule out the possibility of acquiring this property. However, I do advise that you do your homework. Run your value and make sure it's a viable option.
After you know where you’re sitting with the property, get a realtor involved. They can help you put together a contract and get it to the appropriate people.