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In my opinion - nothing. I used to get them and the only difference was that you had to include some chapter and verse technical language in the offer. Something like Title 126 blah blah blah.
There is a ton of difference. I have done about 60 in the past year. A TON of difference. The process is different, the paperwork is different, the reasoning behind the differences is significant.
Can you specify the difference please?
It is complicated. The best way is to read 24 CFR 206.125. It is a lot.
Thank you for the info. I looked it up and actually found a site explaining it in layman's terms which was still confusing but I think I understand.
What I remember is that no repairs can be done. I had one where the furnace wouldn't start for the inspection. The asset manager could not approve a small repair - even paid for by the buyer. I'm sure that the selling agent had it done anyway.
Hi Sandra, I have a page on my website that explains reverse mortgage foreclosures:
Thank you your site was a big help !
I don't think there is much difference as I am doing one for REOCENTRAL.COM. Their website sucks and is not user friendly at all. The subject property doesn't even have the foreclosure deed recorded and I have had 2-3 buyers wait a while then get tired and pull out of the transaction. It has been over a year now and the ownership problems have still not been resolved.
Even the asset managers hate that website. That's who I used to do reverse mortgage reo for but they lost that business - at least for my area. Isn't the company name RMS?
RMS does do Reverse Mortgage foreclosures but their volume decreased big time last year when Fannie Mae took their properties obtained by reverse mortgage foreclosure away from them and started listing them through Fannie Mae direct brokers.
HUD rules apply first 6 months of marketable title-basically no repairs, no utilities on unless at buyer expense,etc and they cant accept an offer below appraisal. Many other conditions.