Posted by Bill H on June 02, 2004 at 13:31:56:
In either case if she gets the property pre-foreclosure she inherits all the liens UNLESS they are cleared from the title prior to the deed being recorded.
Good Luck,
Bill H
$30,000 Profit - Posted by mei122@aol.com
Posted by mei122@aol.com on May 29, 2004 at 01:00:22:
I am very excited. I have been talking with a homeowner who has property in foreclosure. The pay-off amount is $91,000. I pulled comps on the property and found out that the property has a FMV of $150,000+. It requires about $5,000 worth of work. I am suppose to meet with the owner on Monday to sign paperwork so that I may gain control of the property.
I will more than likely have the owner execute a quitclaim deed to me. I will also have him sign a POA and an authorization to release financial information so that I may stay in control. I will then give the owner some money to vacate the property so that I may fix it up and put it on the market. I will probably sell it for $140,000 to try to sell it quickly.
Is this a wise course of action? I am very excited! I have done deals before but never netted $30,000 before.
Re: $30,000 Profit - Posted by Dorrie Linnea
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Please post your replies here on the board… - Posted by Bill H
Posted by Bill H on June 07, 2004 at 22:14:17:
good etiquete and board respect demand that.
I will not answer any private e-mails.
Thank you,
Bill H
Depends on what I wanted to do with it (nt) - Posted by bill H
Posted by bill H on June 07, 2004 at 07:57:02:
nt
WHOA—Hold on a Minute! - Posted by Bill H
Posted by Bill H on May 31, 2004 at 14:53:37:
Have you checked title on this property? What if he has a $100,000 IRS lien and a $50,000 Tax Lien which you are about to inherit?
Your $30,000 has evaporated and become a $120,000 additional liability.
DO NOTHING until you have checked the title and found out what liens, if any, are against the property.
Do you hve the ability to pay off the mortgagee? What if they call the loan?
Good Luck,
Bill H
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Re: WHOA—Hold on a Minute! - Posted by mei122@aol.com
Posted by mei122@aol.com on June 06, 2004 at 18:21:10:
That’s a good point regarding the title. Where can I pull a title report quickly? I will not record the deed until these items are checked out.
Re: WHOA—quitclaim? - Posted by garyr
Posted by garyr on June 01, 2004 at 17:53:37:
and why a quitclaim deed? Why wouldn’t you at least want a special waranty deed?
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Re: WHOA—Hold on a Minute! - Posted by Bill H
Posted by Bill H on June 06, 2004 at 20:24:10:
That is exactly wht I tried to tell you in the very first post—WHOA–Wait a minute…YOU must do your due duligence FIRST!!!
Otherwise you find youself in your situation now.
ALWAYS —Investigate BEFORE you invest----ALWAYS.
Bill H
Re: WHOA—Hold on a Minute! - Posted by Bill H
Posted by Bill H on June 06, 2004 at 18:35:41:
You can contact any title company, pay them and they will do the title research for you or if you know how you can do the title research yourself at the recorder’s office.
However; it may well be too late for any action now. If as you intimate you already have a quit claim deed YOU are most probably the owner of the property NOW.
Do not know where you are or what your state laws say but in most states the deed only has to be “DELIVERED” and does not have to be “RECORDED” to be effective.
Therefore; if you have it in hand it has been delivered.
And; you have taken title “subject to” all liens and encumberances that presently exist on the property.
Plus: when the lender finds out they have the right to exercise their “Due-on-Sale” clause and call then entire amount due and payable…Hope you have the $91K plus the deficiencies to pay it off or the wherewithall to refinance.
Forelosure is a game of “Investigate BEFORE you invest.”
Good Luck,
Bill H
Re: WHOA—quitclaim? - Posted by Bill H
Posted by Bill H on June 01, 2004 at 20:15:03:
Good shot GaryR but you missed the target a mile. A quit claim deed and a special warranty deed are virtually the same thing.
Perhaps you meant why did she not get a “Warranty Deed”?
That means that the seller is “warranting -or- guaranteeing” clean marketable title plus other cnsiderations…not conveyed by a quit claim or special warranty deed.
Good Luck,
Bill H
Re: WHOA—quitclaim? - Posted by garyr
Posted by garyr on June 02, 2004 at 12:18:24:
I don’t have my books here, but my understating is 1) quitclaim - releases any claim you may or may not have. I can quitclaim Buckingham Palace if I want to. 2) special warranty deed. Indicates that I do have an interest, which I am releasing. I am warranting clean title with a few exceptions. That’s why you get these from sherrif’s sales - they only do so much due diligence. This property seems to have known incumbrances so maybe it’s appropriate. 3) general warranty deed - warants full complete and clean title with no leins or encumbrances. If the buyer discovers leins in the future they can sue the buyer for them. Normally you get title insurance and make them sue the seller, of course.