OfflineWell I know about reverse mortgages, but I didn't realize they would be sold on the market. I somehow thought that the bank gets the property in the end, but silly me as I didn't realize they wouldn't keep them. I guess the program is old enough that properties will now be on the market.
Well I put an offer out today, actually two, but the one came back saying they only accept full price as it is a reverse mortgage and that one also cannot assign these properties. I should have had a clue by the owners name of: Reverse mortgage solutions, LLC. Hmmm
Has anybody come across one of these yet, anyone know the rules, such as, that they only accept full offer price, or that they really cannot be assigned, or just that this company doesn't allow assignments. Seems this may be something new to learn, at least for me.
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Create a LLC to make offers on REO's or contracts that not accept the assigning clause and just sell the LLC to your buyer before you even go to closing.
Reynold Orozco
that I could sell it under already. Thanks for that reminder.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.