Can A Heir Purchase A Short Sale On Deceased Borrowers Property?

Typically in a short sale scenario there are arms length rules enforced by the mortgage servicer and/or investor on the note preventing anyone in relation to the borrower by blood or by financial gain from purchasing the property. When it comes to a reverse mortgage short sale the guidelines are different. A heir likely is able to purchase the property from a deceased representative a short sale. They will be reviewed like any other buyer who would of been submitted. The servicer will still order an appraisal and dictate if the offer falls within the range of fair market value that is acceptable per the investors guidelines. A heir reverse mortgage short sale can be structured to be beneficial for someone who is looking to keep the property in the family.

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