Rick Fuller

You usually do not need a real estate agent to sell your home to your son, even if there is a reverse mortgage on the property. However, the reverse mortgage will generally need to be paid off as part of the sale or transfer. Before moving forward, it's a good idea to contact the reverse mortgage lender to find out the payoff amount and any requirements for transferring the property. You should speak with a real estate attorney or title company to make sure the paperwork is handled correctly and to understand any tax or financial implications. It is always best to bring in a professional to ensure that both parties' best interests are being represented and that there aren't any surprises down the road. Real estate agents and lenders can also share other options that may better suit your long term financial goals.

Selling your home AS IS means you are selling it in its current condition without making repairs. Since you've owned the home for 38 years, the first steps are usually: 1) Find out what your home may be worth in today's market. 2) Decide whether you want to sell with a Realtor or directly to a cash buyer/investor. A good, reputable Realtor should have investors that they have worked with in the past and can connect you with. This would also eliminate those influx of calls. 3) Gather basic information about the home, including any known issues. 4) Have a local real estate professional explain your options and estimated net proceeds. If it is worth fixing it up, they can connect you to reputable contractors in your area. If not, you at least have all of the options to make the best decision for your situation. 5) List the property AS IS and review offers from buyers. A good agent can also help limit unwanted calls by handling inquiries for you and only bringing you serious buyers. In Palm Bay, there are buyers specifically looking for AS IS homes, so needing repairs does not prevent you from selling.

Usually, one owner cannot sell the entire house without the agreement of the other owners. Since your mom and both aunts inherited the property together, all owners typically need to agree before the home can be sold. However, the aunt who wants to sell may be able to: aEURc Sell only her share of the property, or aEURc Ask the court for a partition action, which is a legal process that can sometimes force the sale of a jointly owned property. The best next step is for all owners to review how the deed is titled and speak with a local real estate attorney to understand everyone's rights and options. Bringing in a mediator who is unbiased and knows the legalities of your unique situation is usually the best way to come to a fair agreement.

Kendell, I'm so sorry you had this experience. A REALTORA(R)'s role is to help clients buy and sell real estate aEUR" not to provide credit repair services. In most cases, Realtors are not licensed credit repair specialists, attorneys, or financial advisors, and they generally have no professional grounds to charge clients for " fixingaEUR? credit. If someone accepted money from you specifically for credit repair services and then stopped communicating, that raises serious concerns. At this point, you may want to gather all documentation including receipts, text messages, emails, contracts, and payment records. You can also file complaints with the Texas Real Estate Commission (TREC), the local Realtor association if the agent is a REALTORA(R), and the Consumer Financial Protection Bureau (CFPB). Depending on how the service was presented, you may also want to speak with an attorney or file a small claims case to try to recover your funds. Even if the bank dispute window has passed, regulatory complaints can still create pressure for a response and help protect others from experiencing the same issue.

Since you are buying the home only and leasing the land underneath it, you'll most likely need a chattel loan rather than a traditional mortgage. A chattel loan is specifically designed for manufactured or mobile homes located in leased-land communities, such as many 55+ parks in Florida. Traditional banks often will not finance these because the home is considered personal property instead of real estate. You'll want to look for lenders that specialize in manufactured home financing, mobile home communities, or FHA Title I manufactured home loans. FHA Title I programs can sometimes finance manufactured homes in leased-land parks if the home meets HUD requirements and the park lease meets certain standards. As for down payments, they are often larger than a standard home loan. Many chattel lenders want anywhere from 5%"20% down depending on the age of the home, your credit score, and whether it is single-wide or double-wide. Interest rates also tend to be higher because the loan is viewed as higher risk than traditional real estate financing. One important thing to verify early is whether the home was built after June 15, 1976 and still has its HUD tags/data plate. Many lenders will require that for financing eligibility. The first step is to find a reputable lender to walk you through each of these details for your specific situation. They'll share various options with you and help you make the best informed decision.