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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Do you really need to know... Posted by Ward-CA- on September 12, 2009 at 11:38 AM In Reply to: buying a house that has a reverse mortgage posted by DavidTorres on September 11, 2009 at 9:15 PM David, You're probably going to make an offer that's predicated on the current fair market value of comparable houses in the neighborhood. If the balance on the seller's financing is higher than the property's appraised value then their lender will have to agree to discount their loan...or you will be free to shop around for a better deal. So, don't worry about it at this point. Negotiate the deal from what it's worth to you and see where it takes you. I think you'll be surprised at how good a deal you'll get in this declining market. ----------Ward =========== : Hi Ward, : This is my first time posting a question. I've approached a neighbor whose mom : passed away earlier this year. THe house has a reverse mortgage. There are a few : grown children, but none of them want the house. I told her that I would be interested : in purchasing the house. My question is, what would be the best approach? I still : need to find out specifics on how much is owed the bank. I ran comps, but need : advice. Can you help? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : David, : You're probably going to make an offer that's predicated on the current fair market value of comparable houses in the neighborhood. : If the balance on the seller's financing is higher than the property's appraised value then their lender will have to agree to discount their loan...or you will be free to shop around for a better deal. : So, don't worry about it at this point. Negotiate the deal from what it's worth to you and see where it takes you. : I think you'll be surprised at how good a deal you'll get in this declining market. : : ----------Ward : =========== : : : Hi Ward, : : This is my first time posting a question. I've approached a neighbor whose mom : : passed away earlier this year. THe house has a reverse mortgage. There are a few : : grown children, but none of them want the house. I told her that I would be interested : : in purchasing the house. My question is, what would be the best approach? I still : : need to find out specifics on how much is owed the bank. I ran comps, but need : : advice. Can you help? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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