|HUD Guidelines 24 CFR 206.125?
After the Foreclosure process is completed the property will be listed with a local REALTOR and sold. This is where we dive into the continuously mentioned HUD Guidelines 24 CFR 206.125. The full details of the Guideline are listed below but we are going to tell you what it means to you when making an offer to purchase a Reverse Mortgage Foreclosure first. The property is listed with the utilities Off and will not be turned on for any reason by the Foreclosure company. Utilities can be turned on for inspection purposes by the Buyer or the Buyer’s Agent at the Buyer’s expense. The property is sold “As Is” and No Repairs will be made by the seller. The property cannot and will not be Sold below the List Price. An appraisal is ordered for the property by the Foreclosure company and the appraisal establishes the List Price. The seller will not pay any money towards the Buyer’s Closing Cost (even if the purchase price is greater than the list price).
So to sum up before listing the full details of HUD Guidelines 24 CFR 206.125, the seller is selling the property as you see it, for the Price it is Listed for and not a penny less, and they will not pay for anything. We hope this has helped you understand the purchase process for a Reverse Mortgage Foreclosure.
Property is 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: