Get The Deed
Should I ask the seller to deed me the house before I start negotiate with the bank?
From Ron Legrand and Jeff Kaller, they said don't do anything unless you have the deed.
But others said that it will go against some of the bank short sale guidelines if the title has been transferred.
Any information will be greatly appreciated.
Getting the deed is always the best thing to do if possible. You do not have to record the deed however. If you plan on doing a double close then getting a quit claim would be a better option. I always get two quitclaims. One that I record immediately and the other that is recorded at closing. By doing this the chain of title is never broken
It's a matter of stepping over the fine line between right, and wrong.
Since the majority of senior mortgagee short sale approvals require that the Seller/mortgagor do nothing to transfer title to a third party.. and agree to that condition in writing as a prerequisite to the short sale.... the Sellers must conceal the truth, and lie about the transer. Recorded, or not.
As a rule, I don't encourage the Seller to conceal the truth, or lie. Especially when a HUD1 is involved.
I guess it must be OK with Kaller, and Legrand. Personally, I won't step over that line.
[addsig]
Thank you both so much for the knowledge. I won't ask the seller to deed me the house now.
Most sincerely,
John