The short story: 94YO owner took out a reverse mortgage. She has been out of the house (not going back) for almost 2 years and the family/POA is giving the house to the bank. I was going to buy it from them, but they flaked, and decided they didn’t want to deal with selling it. It was probably for the best. So now I’m wondering if I could pick it up cheaper when they sell it. I believe it’s through MetLife. In this kind of situation, how long would they usually take to put the property up for sale? How do they usually go about selling it? The house would be needing work, mainly a roof, and considering what they owe vs. what the house would be worth, I can only see the bank losing money on it. The longer it sits, the less it’s going to be worth if it’s not repaired. I figured I’d try and contact them but don’t know how far I’ll get, so I’m just trying to get general ideas of how these things usually play out.
I worked in mortgage service for a while and from what I’ve heard it’s hard to go to the bank directly because they farm it out to brokers/real estate agents. You will most likely just have to watch the market to see when it comes up for sale if someone at their branch can’t tell you who is selling it for the bank to get it ahead of time