Hello to all,
We are new to REI and have a unique opportunity to begin our journey. We are interested in a vacant property that has been vacant for 6 months. The unique piece is that we have access to the property and can inspect all aspects. The challenge is that the property has a reverse mortgage on it. The owner has passed and there are no heirs, no will, and no designated executor of the estate. The one surviving sibling wants nothing to do with it bc the loan amount is higher then what property would be worth, plus he is older and not interested. How can we keep track of what stage of the process is this property? We would have an advantage over other bidders because we been to the house many times and we know what to expect inside. Does anyone know of any creative way to get ownership of this property/deal and is it even worth pursuing?
