All Forum Posts by: Maurice George

Sure - it's possible. But there's not enough information here to determine whether you should. Even if the owners agree to sign title over to you if you pay the taxes, all other liens against the home will still be outstanding and they will now be your problem if you want to keep the property. Also - odds are - if there is a mortgage, that lender will go ahead and just pay the taxes and add it to the homeowners balance. The lender wont let the house foreclose. 

@Cody Lewis That is the problem - This realtor wanted a signed agreement in exchange for a "relationship". I don't sign relationships for 3% of my wealth. You have to EARN a relationship. You bring me deals, I do deals with you. You bring me opportunities and SHOW me you are worth it, I can sign the paper, but NOT BEFORE YOU SHOW ME YOUR VALUE.

@Minna Reid This is exactly the short-sightedness that many agents have when working with "people", its either my way or the highway. Bring us deals, options, its sales 101 you don't get a guaranteed 3% on a deal just because you have a license and can breathe in a mirror. You are a professional, act like one, if you have an investor, sit them down and explain to them what you expect from them and they can expect from you. Its all in how you present yourself to your "prospective clients", but no investor, no client is going to work with an unproven agent who says "sign my paperwork or find someone else". 

@Ronald Allen Barney - I used to be married to a Realtor, I can pull MLS data, scrub it and do exactly what you describe, on my own. But that is where some of the "realtor" value comes into play. I'm not a Realtor, so I don't have access to that MLS data, but there are 11,000 in my area, so chances are good someone will want to work with me, in exchange for the "homes" data in an area.

@Jon Thompson Its sales, you bring me a deal, I will go with you on the deal. If I find the deal, I can choose to use you or not, why would I pay someone 3% when I did all the leg work? Bring me deals to EARN your 3%, too many agents feel like they are entitled to a payment for you to be in real estate. 

@Nick Macklin - Well said - Bring me the deal, I can work with you at that time. 

@Cody Lewis That is the problem - This realtor wanted a signed agreement in exchange for a "relationship". I don't sign relationships for 3% of my wealth. You have to EARN a relationship. You bring me deals, I do deals with you. You bring me opportunities and SHOW me you are worth it, I can sign the paper, but NOT BEFORE YOU SHOW ME YOUR VALUE.

@Minna Reid This is exactly the short-sightedness that many agents have when working with "people", its either my way or the highway. Bring us deals, options, its sales 101 you don't get a guaranteed 3% on a deal just because you have a license and can breathe in a mirror. You are a professional, act like one, if you have an investor, sit them down and explain to them what you expect from them and they can expect from you. Its all in how you present yourself to your "prospective clients", but no investor, no client is going to work with an unproven agent who says "sign my paperwork or find someone else". 

@Ronald Allen Barney - I used to be married to a Realtor, I can pull MLS data, scrub it and do exactly what you describe, on my own. But that is where some of the "realtor" value comes into play. I'm not a Realtor, so I don't have access to that MLS data, but there are 11,000 in my area, so chances are good someone will want to work with me, in exchange for the "homes" data in an area.

@Jon Thompson Its sales, you bring me a deal, I will go with you on the deal. If I find the deal, I can choose to use you or not, why would I pay someone 3% when I did all the leg work? Bring me deals to EARN your 3%, too many agents feel like they are entitled to a payment for you to be in real estate. 

@Nick Macklin - Well said - Bring me the deal, I can work with you at that time. 

@Carl Bo Smith Let me know if you have questions. They want 95% of appraised value for short sales with reverse mortgages. Typically you are not allowed to assign short sale contracts so wholesaling short sales. I wanted to mention this as your post mentioned wholesaling but it was unclear if you wanted to buy this for yourself. 

The foreclosure and REO process with a reverse mtg is essentially the same as any other mtg. They get foreclosed on the same exact way. If there is equity, there is no short sale. As a short sale, or as an REO, a RM property Must be sold for 95% of a current FHA appraisal. This is the only way the lender gets reimbursed by the HUD insurance on the loan. The lender will pay for the appraisal in the event of the borrower's death.

The inventory has been depleted due to the foreclosure moratorium as most of the current inventory is reverse mortgage foreclosures 

Additionally, there is no inventory in the Denver Region(Midwest and Southwest) as there is a dispute over who won the bid to be the new Asset Manager for the region. Until that is settled, there is no inventory. Texas historically has had 150-200 listings at any given time and currently has zero

@Maurice George Banks can only forclose on the property not personal property, so that is why you can get it done that way. Probably not gonna work for 10k for blue toothbrush left in the guest bathroom, but lawn tractor and gardening equipment, appliances, even window coverings, excluded in sale. Can be purchased, and added in an addendum so they show on hud.

I suggest you find a different "experienced short sale person" to advise you. 

First of all - you will never get a short selling lender that doesn't allow concessions, to allow concessions in the guise of buying the sellers stuff.

Second - You can certainly buy any personal property you want from anyone, but none of that will end up on a purchase contract ever, especially if you're trying to get a loan for this property. 

Third - who told you seller concessions are not allowed in reverse mortgages? HUD can be weird about seller concessions in a short sale, but there is no solid 100% no concessions ever rule.

I guess the question is - why are these concessions so important? Do you need closing cost assistance, or are you trying to get extra money into the sellers pocket? Its unclear.