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Updated almost 9 years ago,
South LA Home reverse mortgage with higher ARV
I've come across a home that has a reverse mortgage of $210K. ARV based on recent comps comes to around $315K. It is an older home built in the 1920s, 3/1 with detached garage. I'm told by owner it hasn't been updated but taken care of.
I haven't been able to get in the home because of a complicated family member. What's my best bet in trying to get inside to estimate repairs? Is there a release the owner can provide me giving me access?
Also, what's my best bet on having a deal here? Owner says he'd give to me for a dollar if he had to get off his hands.
Appreciate any feedback, thank you!