Getting The Deed??
I have been told "if you can get the deed....go ahead and get it".
1. I am assuming this is to have control of the property if the homeowner is working with multiple investors?
2. Am I missing anything else on this topic??
Thanks again...
TAB
Getting the deed means taking ownership of the house. When you get the deed you own the house. The sellers are conveying ownership to you. When you get the deed you will not have to worry about other investors.
Tom
only if you file it however, with short sales you don't want to do that.
dwan
Actually you own it when you get the deed regardless if you record it. Recording it only tells the world you have ownership. Now if someone else gets a deed from the same seller and records it then you are in some trouble. Also if you don't record it then judgements and leins can still be placed on it.
Tom[ Edited by tbelknap on Date 04/28/2003 ]
Why should we not record it if we do a short sale???
When doing short sales, the bank is reducing the amount owed for the homeowner's sake. If you record the deed into anything other than a Land Trust, then at closing, (when the lender approves the final title and closing docs, 99% of the time they do this), they will cancel the short sale. It will appear to them some type of fraud since you are the one trying to buy at a discount but all of a sudden already own it. Ask me how I learned this...Sharon