selling house w/reverse mortgage (appraisal, agent, price, offers)

[generalswife]

Advice please, I need to sell a house with a reverse mortgage. The profits will be shared with three heirs. So what is the best selling method? List it with an agent on the MLS or sell to one of those "we buy ugly houses" investors? House was built in 70s and no improvements have been made. It needs a lot of updating and repair.

[Nodpete]

Here's an article on that subject.


https://www.americanadvisorsgroup.co...verse-mortgage

[BoBromhal]

you should engage some of the "iBuyers" - Opendoor, Zillow Offers, etal - if they operate in your area.

you should also engage 3 Realtors to provide you with a price, both with needed repairs and "as-is". This should include how long they expect the house to take to sell.

then compare the 2 methods.

[jackmichigan]

Originally Posted by generalswife

Advice please, I need to sell a house with a reverse mortgage. The profits will be shared with three heirs. So what is the best selling method? List it with an agent on the MLS or sell to one of those "we buy ugly houses" investors? House was built in 70s and no improvements have been made. It needs a lot of updating and repair.

I have yet to meet an investor who will pay top dollar.

[JimG2]

You assume there is equity that will be leftover to share. What do you do if you get an appraisal done and the appraisal is $200k and the reverse mortgage was taken out when the market was high at $250k? Or did you hire an appraiser already?

[rational1]

1. There may not be any profit.

2. Selling it to bottom feeder investors is a good way to guarantee there is no profit.