All Forum Posts by: Aaron Schwartz

I believe in texas you can do a net listing but only if the sellers suggest it..but thats highly unlikely..so I would definitely cross that one out.

Also..on your purchase contract do not put assigns to_____ this will be on your assignment contract. Just make sure your purchase contract is assignable. Under special provisions you can simply put.."this contract is assignable." or you can put "and or assigns" after your name as buyer.

Finance examiner is exactly right...you will be acting as the principle...not the sellers agent...therefore DISCLOSE you are a licensed agent.

if you do a net listing your broker is owed a piece. Your contract you have should work just put an inspection contigency or partner approval contigency or something along that line in your contract...and and or assigns after you the buyers name. Now you need an assignment of contract..shoot me your email I will send you the one I useand you can look it over. Typical fees here in Texas are between $3000-$7000 depending on the deal. I just did one where I put a duplex under contract for 10k and assigned it for $3500....my buyer was more than happy to pick this up at $13,500. The bigger the deal the bigger the profit. I would only suggest since your are a realtor that If you end up not being able to sell it, let the sellers know ASAP...dont sign a thirty day contract and on the 29th day back out. this could hurt your reputation and could possibly get your license taken away...but thats just my thoughts.

This is off reversemortgageguide.org.

A reverse mortgage is a low-interest loan for senior homeowners that uses a home's equity as collateral. The loan amount is a percentage of the home's value determined by the age of the youngest homeowner. The loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 12 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is inherited by the estate. The estate is not liable if the home sells for less than the balance of the reverse mortgage.

In the event of death or in the event that the home ceases to be the primary residence, the homeowner's estate can choose to convert the reverse mortgage into a traditional mortgage to keep the house or else sell the home to pay the balance (the cash borrowed, interest, and fees).

If the equity in the home is worth more than the balance of the loan, the remaining equity belongs to the heirs. No other assets are affected by a reverse mortgage. For example, investments, second homes, cars, and other valuable possessions cannot be taken from the estate to pay off the reverse mortgage.

If the sale of the home is not enough to pay off the reverse mortgage, the lender must take a loss and request reimbursement from the FHA.

Scott I do see where your coming from.. your right that in reality there would be no motivation... but the lender has been calling the heirs wanting them to refinance it or start making payments. And its been on going calls from what i have been told. The Lady is open to accepting a lower offer knowing either way she is not gaining anything accept a burden of her shoulders. So In my opinion if there is a potential good deal here Im not passing it up, Although on the other hand its not my main proirty. If its possible i want the deal. If not ill move on.

I guess contacting the lender is my best bet.

Yea its definitly a loan.. proceeds from the sale of the property pay it back..

and yes Jon the lender does require an appraisal on the property when they sell. If the due amount of the reverse mortgage is above the fair market value the heirs or anyone for that matter does not owe or will never owe more than the fair market value due to the insurance tha is paid when you have a reverse mortgage.

Just not sure what happens when the heirs are unable to sell at fair market value and lack the time or the money to keep up with the property and on top of that they live 300miles away. I have yet to come across any information about this situation.

Is a short sale directly with a lender required on a property with a reverse mortgage? HUD website says that the heirs of the property with a reverse mortgage can sell at fair market value even with negative equity and FHA covers the loss to the lender. Can the heirs sell below market value with out dealing directly with the lender?

ok i have read a few posts on here that if someone inherits a property with a reverse mortgage on it they can sell it even with negative equity and FHA makes up the difference.

Is this true?

Heres my situation.. a lady who i had sent a post card to just called and said she would like to sell her house she inherited. It has a reverse mortgage on it from her mother who has passed owing 60k. House is worth 70k

Is she allowed to sell for a deep discount?
Or does it need to go through a short sale with he mortgage company?

thanks in advance.

Thank you and your more than welcome to it!

And I will add those in there thanks for the ideas Chris! HAppy Thanksgiving!

Chris. good ideas thanks.

Jason, Travis, let me rephrase my question. Take the basics, as in Marketing, Prospecting, Selling..ect And put it into a Specific daily routine examples is what I am looking for..

For example.. in most businesses you have a daily checklist of SPECIFIC and DEFINED duties. not just go market go prospect. go sell.

My question is for anyone who uses a specific daily plan that is in writing.

I realize that sometimes you are going to get busy going out and looking at potential deals from leads on certain days that will not allow you to complete the daily checlklist. But some days when the phone isnt ringing i wanna have a list of things to get done that can continue to bring me deals and grow my business. A specific guideline of what to do on a daily basis. Something that i can sit in front of me and check off after completing on a daily basis. Therefore if u have a specific idea to place in a daily checklist or you use one please continue to share.

something similar to this:


Daily Checklist

Place Craigslist Ad â–¡

Market Current Deals, Email â–¡ Phone â–¡ Newspaper â–¡ Flyers â–¡

Follow Up with Previous Leads â–¡

Drive Daily Farm Area â–¡

Daily Farm Area Mail Outs â–¡

Daily Farm Area Phone Calls â–¡

Find 3 New Potential Buyers In Farm Area â–¡

Neighborhood Flyer Handouts â–¡

Flyer/Post Card/Business Card Placement at 2 businesses/restaurants â–¡

Select Tomorrows Farm Area â–¡

Website Lead Check â–¡

Marketing Supply Check â–¡

Budget Review â–¡

Record Daily Seller Leads â–¡


Daily Notes:

ive personally never bought from a bank. But i dont think it really matters what the bank is asking for it when you make your offer. You base you offer on what its worth and your criteria for buying whether you offer is the same as the listed price or 50k lessor.