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Will a death lower the value of a house?

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My parents are looking into buying my Grandparents house. My Grandfather passed away 5 years ago from lung cancer. My Grandmother passed away 2 weeks ago, mainly due to old age. I know we need a lot of work done to the house. They were the original owners, who bought the house around 35 years ago. However due to a reverse mortgage, we can't keep the house unless we buy it. Will telling the inspector about the two deaths lower the value at all? We're trying to get it as low as possible.

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asked Jul 30, 2017 in Business and Finance by Judy

4 Answers

0 votes
A natural death in a house would not lower the market value of a house. You are not required to disclose the natural death than might have occurred in a house.

The value of the house has been per-determined. The payoff on the reverse mortgage has determined the value of the house. Your appraisal would confirm if the value of the house would equal to the cost to pay off the reverse mortgage.

The house would be sold based on the appraised value of the house, the death of anyone dying in the hose would not be the criteria or basis for the valuation of the house.

Normally a mortgage lender that has a reverse mortgage would sell the house at the appraised value of the house, even if the value is below the balance of the reverse mortgage.

The mortgage lender would write the difference off in filing their federal income taxes.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"
answered Jul 30, 2017 by loanmasterone
0 votes
Absolutely zero. A house will sell for what it's worth in the market. Condition can lower the value more than anything else.
answered Jul 30, 2017 by curtisports2
0 votes
No. You only have to pay off the balance of the reverse mortgage, not the market value. Even if the market value is less, you still have to pay the mortgage company in full.
answered Jul 30, 2017 by Eva
0 votes
There are scam companies out there who make money off this but no one really cares. Someone has died in most every house in America.
answered Jul 30, 2017 by Marduk

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