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HECM Reverse Mortgage Foreclosure Offer Guidelines And Submission Info For Agents
Dated: 01/05/2017
Views: 5770
HECM Reverse Mortgage Foreclosure Offer Guidelines And Submission Info For Agents
Our hope is that the following info may answer some questions and take some of the mystery out of Home Equity Conversion Mortgage (HECM) aka Reverse Mortgage Foreclosures by highlighting what is required.
Please feel free to call or email us if you have questions as we'd love to help! 888-411-2450 or gulfwinds@gmail.com
Properties Being Sold Subject to HUD Guidelines 24 CFR 206.125
This property is a Fannie Mae Reverse Mortgage REO.
The code above allows an heir to purchase the property at 95% of the listed price.
Other stipulations of this type of property include:
Property cannot be sold below appraised value (LIST PRICE)
No mediation
No electronic signatures accepted
No repairs, “AS IS AT TIME OF CLOSING”
No buyer closing costs paid by seller are allowed on the HUD
Buyer pays HOA Doc & Transfer Fee
No utilities are on. Buyer may pay to have them on for inspection at their own expense with seller approval
No agent transaction fees allowed on the HUD, regardless if the Buyer is paying
Seller will pay Seller’s closing costs
Any real estate transfer fees or taxes due will be the sole responsibility of the purchaser
Seller will bring taxes and HOA current through closing
10% deposit on cash offers (Cashier’s Check)
$1,000 minimum deposit on financed offers (Cashier’s Check)
60 day MINIMUM escrow period. May be longer if title is not clear. If Seller can close sooner, they will.
Homepath financing is not available on these properties
Properties sold in “AS IS” condition at time of closing
PLEASE USE BUYER’S LEGAL NAME(S), AS SHOWN ON DRIVERS LICENSE
If purchaser is an LLC, must provide stamped articles of incorporation pages along with offer to purchase
Buyer will need to pay for utilities to be activated for inspections, or Selling agent may turn on utilities at Buyer’s expense with permission
Offers are submitted directly to Listing Agent, not on the Fannie Mae HomePath web site
Offers that Do Not meet these Guidelines may be considered incomplete and REJECTED by Seller
Please email complete offer package to gulfwinds@gmail.com. Subject line to include: OFFER: with full property address. Allow a minimum of 3 business days for a Seller response.
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All information is believed to be accurate but is not guaranteed. Protected by Copyright© 2020 and is owned either by the Mobile Area Association of REALTORS; or by the developers of the software, Kunversion, LLC. All rights reserved.
Baldwin County Association Of Realtors®: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may
