Pre Forclosure - Who Should Sign The Purchase Agreement?
Hello all,
Can I get some advice on a foreclosure situation? A contact of mine in Utah located a seller who was facing foreclosure. He had the seller quit claim the deed over to him, which he recorded. Now he has title in his name with a first and second in the seller’s name. The first, for $146k belongs to Countrywide, the second for 18k belongs to a private lending group.
He has brought me in to the situation as a buyer for the property. In talking to Countrywide, they have requested a signed purchase contract from the original seller. This seems odd to me since title is now in his name. Can anyone shed some light on this? Who should the purchase contract be with?
Thanks in advance, Brian
What are you trying to do to the property?
hi linlin,
buy it, lease option it, sell it. 2-4 year exit strategy.
thanks, brian
Brian,
If your contact used a Quit Claim to take title to this property, then he only has an interest in the property, for your protection you should always use a State Specific deed such as a Warranty Deed where all the interest in the property goes to the buyer.
This may be the problem with Countrywide, as who else has an interest in the property in their minds.
John $Cash$ Locke
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