Hiiii,
We are considering offering on a house and see that the current owner took out a reverse mortgage on the property a few years back for an amount that is greater than the list price. They likely listed with the intent of getting multiple offers to drive it up (still happening in our market), but what happens if they don’t hit that price?
I assume they would need to front the cash to cover the difference in order to close the current mortgage. If they can’t, wouldn’t that put it into short sale territory?
submitted by /u/Past-Wishbone
[link] [comments]
Hiiii, We are considering offering on a house and see that the current owner took out a reverse mortgage on the property a few years back for an amount that is greater than the list price. They likely listed with the intent of getting multiple offers to drive it up (still happening in our market), but what happens if they don’t hit that price? I assume they would need to front the cash to cover the difference in order to close the current mortgage. If they can’t, wouldn’t that put it into short sale territory? submitted by /u/Past-Wishbone [link] [comments]
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