Short Sale-quit Claim Deed?
Hi, I read some posts about having the seller deed the property to you. If the short sale doesn't go through, do you deed the property back to the seller? Why do you want him deed the property to you before the closing of the short sale. I have found a buyer for the property. Bank received my short sale package and is sending out appraiser. The house worth 80k, I am offering $40k.
It need 10k repair. I am meeting with the seller again tomorrow to pick up the key to the house and have him sign power of attorney. Should I have him quiet claim the deed to me? (I am not the buyer). Last question, should I order title search now? Thanks
Don't do anything until you get a committment/deal in writing from the lender.
Next, if you take a quit claim and you are not the buyer, you would need to pass title via a quit claim. Well, a quit claim of a quit claim is like having a little of nothing. Many title companies wont issue insurance with that weak of a conveyance.
I have a friend who is very active in real estate. He took a quit claim from someone who had taken title by a quit claim. Now he has a property no title company will insure.
sammyvegas: thank you for the reply. In terms of ordering title search, I thought the bank wants those unpaid tax lien and others be listed on the net sheet to show them what they will get after all expenses? Or they only care about sales price and will accept whatever left over?
In addition, I am not a licensed realtor, can I charge a consulting fee for my service and listed under commission on the net sheet? Thanks