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Updated almost 7 years ago,

User Stats

10
Posts
1
Votes
Kevin Stone
  • Real Estate Agent
  • Philadelphia, PA
1
Votes |
10
Posts

REO foreclosure Reverse Mortgage

Kevin Stone
  • Real Estate Agent
  • Philadelphia, PA
Posted

I and trying to buy my first property. 2 bedroom duplex in Philadelphia. I found the listing inspected the property and made an offer. The original asking price was 25k I doubled the offer to 50k because of the condition of the property and won. Shortly after winning the offer I found squatters in the property (Fun, fun, fun) This set me back half a month consulting with I guess the asset manager, who first told me the bank would not pay cash for keys for the squatters to leave, and later finding out that they would. OK, offer is back on the table. This time I decided to make some adjustments for my troubles. I am using a FHA 203k loan and ask that the seller pays 6% sense I doubled the asking price. I was informed that because the property is owned by Fannie Mae and it is a reverse mortgage foreclosed home, they will not pay any sellers assistance and she apologized because she did not see the original 3% sellers assist I asked for on the first signed agreement.

Something just sounds fishy to me. Any help?

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