24 CFR 206.125

[Monica Dehnert]

Can anyone explain exactly what this means.  There are several explanations on Google, however; I prefer to go to the experts in this forum.

 

[Jose Rivas (DGRA) CDPE, SFR]

Fallow this link, http://www.city-data.com/forum/real-estate/1239650-property-being-s... there is a lot of good information there.

In a nutshell it is a reverse mortgage and insured by HUD, when listed it has to be an arms length transaction. Seller wont make any repairs, but those required by local municipalities, HUD or VA.

[Monica Dehnert]

Thank you Jose, I will check out the link. Received a listing, that requires me to put that verbiage in the MLS information.

[Jose Rivas (DGRA) CDPE, SFR]

I guess it is from RMS

 

[Monica Dehnert]

Yes, it is.

[Jose Rivas (DGRA) CDPE, SFR]

I have two with them, in my case the appraisal was high, they are hard to negotiate, the listing price is the only acceptable price. Other than that they are a very good company to work for.

[Monica Dehnert]

Funny you should say that, my BPO came out $20,000 below the appraisal.

[Crystal M. Bush]

This is a Code of Federal Regulations citation which can be searched for at http://www.gpoaccess.gov/cfr/retrieve.html.

[Monica Dehnert]

Thank you Crystal.