Borrower is deceased, reverse mortgage. Lender (small regional bank) is calling the note due and has said a short sale is an option, but the sole heir/PR is occupying the property and wants to be the buyer.
Can this pass an Arm's Length test or no? Any one have experiences with this kind of transaction they could share?
Thanks Superstars!
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Thanks for the feedback! I hope to have a conversation with the bank soon. I'll let you know what I find out.
It will depend on the lender. I would call the and see what the options are.