Quit Claims And Mortgage

I am really new to this and I just wanted to get some feedback on an idea I have. I wanted to know if there is a property owner that is nearing forclosier. Is it possible and safe to contact them and offer the following. Pay the money to bring the loan current and have them Quit Claim the property to me and have an agreement for me to renovate the property and flip it. At that point pay off his mortgage. Any feedback would be appreciated.

Comments(4)

  • Eric521st July, 2005

    Its done all the time. I would use a warranty deed there, but thats me.

  • halo33333321st July, 2005

    Does the Seller have to own the property with no mortgage to use the Warntee Deed?

  • InActive_Account22nd July, 2005

    No the mortgages do not need to be paid off to use warranty deed.

  • Eric522nd July, 2005

    Maybe the 2nd investor showed up a little late and paid a small fee.

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