Quit Claim Deed
If I buy a foreclosure from the owner using a Quit Claim Deed with the intention of flipping it, do need to qualify for the loan?
If I buy a foreclosure from the owner using a Quit Claim Deed with the intention of flipping it, do need to qualify for the loan?
dan950,
Glad to meet you.
You got the most important part right you spelled Quit Claim Deed instead of "Quick" Claim Deed.
Your problem is going to be when the Seller gives other people a Quit Claim Deed then you will have partners you did not even know you had. A Quit Claim only transfer an interest in the property, so a corrupt seller could sell the property to several buyers.
You need a Warranty Deed or other State Specific device to assure you are the only one taking title to the property.
You do not need to assume the loan, however by asking this question I would be asking some more questions until the process is straight in your mind.
Welcome on board this board, just the way I see things.
John $Cash$ Locke