Probate & Inherited
A single inherited house is enough — no minimum. Multiple heirs who cannot agree, deferred maintenance, contents still in the home, and sales conditioned on court confirmation.
We buy
Distressed single-family homebuyer
We Buy the Homes Others Won't Untangle
Deep experience, direct capital. Clarity where there's complexity, certainty where there's risk.
What We Do
Acquisition across every channel distress arrives in
Each channel carries its own timeline, its own approval chain and its own way of going sideways at the closing table. We price title defects, occupancy and deferred maintenance in rather than excluding them — whether that is a HUD loan pool or one house an heir inherited and cannot sell.
Foreclosure
Homes at any stage of foreclosure up to the auction, including files with a sale date set, and occupied properties that need lawful possession work.
Bankruptcy
Chapter 7 and 11 estates where the trustee needs a buyer that will not walk and a timeline the court can rely on. Proof of funds delivered with the bid.
Title Problems & Liens
Delinquent tax certificates, code enforcement and municipal liens, judgments and mechanics liens. Clouded title we cure rather than price around.
Mortgages & Notes
Non-performing first-lien notes on Florida homes, single loans or small pools, from servicers, banks, hard money lenders, private holders, estates and trustees. Servicer REO too.
HUD Pools (HVLS & HNVLS)
Vacant and occupied pools from HUD's HVLS and HNVLS loan sales, bought directly as an approved bidder, and assets taken off as principal from pools other buyers won.
HUD Office of Asset Sales
The buyer in HVLS and HNVLS pools — and the exit for those who won their own
Investor Trustee Services is now an approved bidder in HUD’s HVLS and HNVLS single-family loan sales.
HUD auctions pools of defaulted, formerly FHA-insured reverse mortgages. In every loan the last surviving borrower has died, no non-borrowing spouse survives, and the heirs never paid off the debt. Winning the pool is the straightforward part — what follows is probate, title and occupancy work running across dozens of states at once.
That is the work we already do — and we now do it as principal in two ways. As an approved HUD bidder, we buy HVLS and HNVLS pools directly and carry the probate, title and occupancy through to resolution on our own balance sheet. For those who won their own pools, we still take the assets off as principal.
Loans offered by HUD, by saleVacant (HVLS)Non-vacant (HNVLS)
Distressed loan sale activity by state
FewerMoreOur markets
Vacant pools
Vacant one-to-four-unit properties securing HECMs where the last borrower is deceased. Bought as-is, cleanout included.
Non-vacant pools
Occupied by non-borrowers — surviving family, heirs in residence, tenants. Possession resolved lawfully, or we take the asset occupied.
Legal & title
Clearing title after the borrower’s death is legal work — foreclosure where heirs walk away, probate where they want to keep or sell. We run it in house.
Outcome reporting
HVLS purchasers report dispositions to HUD. Exits can be structured as owner-occupant sales or affordable rentals where pool commitments require it.
News & Research
Analysis built on primary data, not opinion
We publish what we learn from the same sources we underwrite against — HUD's Office of Asset Sales post-sale reporting, Federal Register sale notices, and Federal Reserve series. Each piece is sourced and dated.
Sale analysis
4,200 vacant houses just went up for sale at once
HUD is offering the largest pool of defaulted reverse mortgages it has ever brought to market — $1.3 billion of paper on empty houses, bid on 27 October. Most of that collateral ends up as somebody’s inventory, scattered across counties they have never worked.
Read → Press release · 24-7 Press ReleaseInvestor Trustee Services Founder Joins National Association for Housing Revitalization as a Founding Charter Member
The full release as distributed on the wire by 24-7 Press Release.
Read on 24-7 → Policy analysisWhat the ROAD to Housing Act actually says
The headline is that Congress banned institutional investors from buying houses. The statute is narrower, later and stranger than that — it does not start until January, it does not count mortgage debt, and it contains a foreclosure carve-out that will decide how the next few HUD loan sales are bid.
Read → Policy analysisThe 350-home line now runs through HUD’s loan sales
A new federal law bars large institutional investors from buying single-family homes. HUD now asks bidders to attest that the loans they buy will not end in a purchase the law prohibits. The threshold is 350 homes — and in the last vacant sale, one buyer took 309 loans in a single afternoon.
Read → Bidder analysisWho bought HVLS 2026-1 — and what the bidding tells you
Twenty-two buyers took 1,061 loans. Two of them took nearly half. One paid 18 cents on the broker’s dollar. And the spread of those loans across the map says more about what happens next than the prices do.
Read → Policy analysisThe shift to nonprofits in HUD distressed loan sales
There has been a decisive shift in who buys HUD's distressed reverse mortgage pools. Mission-driven nonprofits took 4% of the loans before 2019; they now take a majority of some sales. If you bid on these pools, or buy assets from the firms that do, this is the most consequential change of the last five years — and it is a policy decision, not a market one.
Read → Pricing benchmarkWhat HUD distressed loan pools actually sell for
The short answer is 69.4% of broker price opinion. That is what 1,061 defaulted reverse mortgages sold for in HUD's most recent vacant loan sale — roughly sixty-nine cents against the estimated value of the houses securing them. But the way that number is reported is easy to misread, and the spread underneath it is where the real information sits.
Read → Industry guideHUD distressed property sales, explained
The first thing to understand is that HUD is not selling houses. It is selling defaulted loans — specifically reverse mortgages where the borrower has died. The house comes later, once whoever bought the loan forecloses on it. That single distinction explains most of what confuses people about this market.
Read → Seller's guideWho buys distressed property portfolios?
If you are holding distressed single-family assets and need them gone, the hard part is rarely finding someone who says they buy distressed property. Plenty do. The hard part is that the phrase covers buyers whose minimum size differs by a factor of a thousand, and whose willingness to take an occupied house with clouded title differs by everything.
Read →
Who We Are
Built for the complicated half of the housing market
We specialize in the complicated half of the housing market. Our team is made up of housing-industry veterans with deep experience buying distressed real estate, from a single inherited house to a full note pool.
Peter “Pete” Quinones
Founder & President
Investor Trustee Services
Founding Charter Member
Pete Quinones is Founder and President of Investor Trustee Services. An industry veteran, he has purchased countless single-family homes across Florida from servicers, bankruptcy trustees, probate estates and foreclosure. Through Investor Trustee Services, Pete is an approved bidder in HUD's HVLS and HNVLS reverse-mortgage loan sales, and he buys as principal, never as agent or broker. Since 2010, Pete has helped thousands of Florida homeowners move forward, and he is a founding Charter Member of the National Association for Housing Revitalization, which is dedicated to returning aged, distressed and vacant homes to the market as attainable housing and strengthening America's housing inventory.
Contact
Contact us
Our locations
Orlando – Millenia
Investor Trustee Services
4700 Millenia Blvd, Suite 500Orlando, FL 32839
Monday – Friday, 9:00 – 17:00 ET
Visits by appointment
Miami – Brickell
Coming soon
Investor Trustee Services
1221 Brickell Ave, Suite 900
Miami, FL 33131
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Built on Anthropic’s Claude
StartU.S. housing FRED
30-year fixed mortgage rate (Freddie Mac): 7.24% for the week ending October 29, 2026, down 0.08 percentage points from the previous week.
Single-family mortgage delinquency rate at commercial banks: 1.86% in Q2 2026, down 0.02 percentage points from the previous quarter.
Vacant housing units: 15.81 million in Q3 2026, up 169,000 from the previous quarter.
Existing home sales (seasonally adjusted annual rate): 3.99 million in September 2026, up 60,000 from the previous month.
Months' supply of new houses: 8.4 months in September 2026, down 0.1 months from the previous month.
Median sales price of houses sold: $393,300 in Q3 2026, down $20,200 from the previous quarter.
Housing starts (seasonally adjusted annual rate): 1.22 million in September 2026, down 67,000 from the previous month.
Source: FRED, Federal Reserve Bank of St. Louis; 30-yr rate: Freddie Mac PMMS (Wk ending Oct 29, 2026)Florida sales Sep 2026 · Y/Y
Florida: 20,537 single-family homes sold in September 2026, down 3.5% from a year earlier; median sale price $415,000, up 1.2%.
Orlando (Orlando-Kissimmee-Sanford MSA): 2,317 single-family homes sold in September 2026, up 0.7% from a year earlier; median sale price $441,860, up 0.4%.
Tampa Bay (Tampa-St.Petersburg-Clearwater MSA): 2,938 single-family homes sold in September 2026, down 7.7% from a year earlier; median sale price $400,000, up 0.5%.
South Florida (Miami-Fort Lauderdale-West Palm Beach MSA): 2,930 single-family homes sold in September 2026, down 4.7% from a year earlier; median sale price $659,000, up 3.0%.
Jacksonville (Jacksonville MSA): 1,682 single-family homes sold in September 2026, down 7.0% from a year earlier; median sale price $404,495, up 1.4%.
Lakeland (Lakeland-Winter Haven MSA): 905 single-family homes sold in September 2026, down 8.8% from a year earlier; median sale price $325,000, down 1.5%.
Port St. Lucie (Port St. Lucie MSA): 632 single-family homes sold in September 2026, down 7.5% from a year earlier; median sale price $430,000, up 1.2%.
Daytona Beach (Deltona-Daytona Beach-Ormond Beach MSA): 898 single-family homes sold in September 2026, down 11.6% from a year earlier; median sale price $360,000, unchanged.
Melbourne–Palm Bay (Palm Bay-Melbourne-Titusville MSA): 765 single-family homes sold in September 2026, down 2.5% from a year earlier; median sale price $380,000, up 2.7%.
Fort Myers–Cape Coral (Cape Coral-Fort Myers MSA): 1,116 single-family homes sold in September 2026, up 0.3% from a year earlier; median sale price $375,500, up 0.1%.
Sarasota–Bradenton (North Port-Sarasota-Bradenton MSA): 1,317 single-family homes sold in September 2026, up 0.7% from a year earlier; median sale price $485,000, up 4.3%.
Single-family homes · Source: Florida REALTORS®News & Research
Analysis of the distressed single-family market, built on primary data from HUD and the Federal Reserve.
- 4,200 vacant houses just went up for sale at once HUD’s largest vacant loan sale, bid 27 October. Roughly 2,400 of those houses end up as somebody’s inventory.
- Investor Trustee Services Founder Joins NAHR as Founding Charter Member Peter Quinones joins the National Association for Housing Revitalization among its founding class, the trade association for the housing revitalization industry.
- What the ROAD to Housing Act actually says The institutional purchase ban starts January 7, 2027, mortgage debt does not count toward the 350-home threshold, and a foreclosure carve-out turns on intent.
- The 350-home line now runs through HUD’s loan sales The ROAD to Housing Act bars investors holding 350 or more homes from buying single-family property. HUD now requires bidders to attest their loans will not end in a prohibited purchase.
- Who bought HVLS 2026-1 — and what the bidding tells you Twenty-two buyers took 1,061 loans; two took 48% of the sale. Bids ran from 18% to 78% of BPO, and the state-by-state spread explains where pool tails come from.
- The shift to nonprofits in HUD distressed loan sales How HUD came to reserve half of every sale for mission bidders, the federal grants funding them, and the 0.3% figure that changes the picture.
- What HUD distressed loan pools actually sell for HVLS 2026-1 cleared at 69.4% of broker price opinion. State-by-state and bidder-by-bidder pricing, and why the 131% figure misleads.
- HUD distressed property sales, explained What HVLS and HNVLS actually are, who buys the pools, and what happens to the 57% that end as REO.
- Who buys distressed property portfolios? The five kinds of buyer, what each will and will not take, and how to tell which fits your file.