Hi everyone. I have aseller who inherited a property from his mother and she had a reverse mortgage.he is now responsible to pay the mortgage up and cannot get a loan because of bad credit.He wants to sell the property for what he owes on it which he says is $172,000.Says it doesn't need repairs, but will determine that when I go look at the property.He lives in it and wants to sell it and hopefully rent it back if he can.The ARV for the area he is in is $221,500.Does anyone think this is a good deal and should I make him an offer.He can't take anything less than what he owes.This is an area where BRAC is moving in and improvements are being made at a rapid speed.It would be a great rental property for the area.Just not sure if the profit is good enough.
Can anyone give me some advice since I am not sure about the reverse mortage deal and how it works or if it is even a factor in his selling.
Thanks DG family. Everyones input gives me different things to think about which I might overlook.Still trying to do my first deal.This lead came from a bandit sign.
I appreciate any input anyone can give.
Hi everyone. I have aseller who inherited a property from his mother and she had a reverse mortgage.he is now responsible to pay the mortgage up and cannot get a loan because of bad credit.He wants to sell the property for what he owes on it which he says is $172,000.Says it doesn't need repairs, but will determine that when I go look at the property.He lives in it and wants to sell it and hopefully rent it back if he can.The ARV for the area he is in is $221,500.Does anyone think this is a good deal and should I make him an offer.He can't take anything less than what he owes.This is an area where BRAC is moving in and improvements are being made at a rapid speed.It would be a great rental property for the area.Just not sure if the profit is good enough.
Can anyone give me some advice since I am not sure about the reverse mortage deal and how it works or if it is even a factor in his selling.
Thanks DG family. Everyones input gives me different things to think about which I might overlook.Still trying to do my first deal.This lead came from a bandit sign.
I appreciate any input anyone can give.
Jo Ann
www.willowstreaminvestments.com
www.cashforyourhousemdtowns.com
www.kingswholesalepropertiesmdtowns.com