The property is in very good condition… just need a few cosmetic repairs on the exterior.
I don’t understand what you mean by “hold the title”. What are my options if not QCD? Why shouldn’t I QC? What are caveats of doing so and what is the best way to take ownership of title when buying a pre-for.
I feel the same way about the 25K. I want to ensure that this is as little of a gamble as possible. This could wipe me out if it goes bad.
The property has been either put under contract or taken ownership by another inverstor/wholesaler(third party) and the realtor is working with them to sell. I don’t know all the details yet, she may have had it quick claimed to her. Still trying to get more info. But in any event she wants 25K and then quick claim the property to another buyer. I’m curious as to best options of taking ownership of title… can you ellaborate on this.
The bank has a REO that?s worth 150k and has a first of 75k. I am attempting to get this property before it goes to the courthouse steps. They want me to put up 25k ? leaving a balance of 50K- and they will quick claim the property to me. I am getting all this through an agent that the property is listed through. The agent is expecting me to pay the commission on the purchase. Is this appropriate? Shouldn?t? the bank pay her commission?
How should I handle this? What should I do to cover myself on this deal? I?m pretty much a newbie and this will be my first deal. What contingencies (outs) should I place in the contract for this type of deal? I need to move on this fast, but I want to move correctly… Any insight would be greatly appreciated.
Stacey,
Need a little bit more info. You say the house is going to be sold on the courthouse steps. Why is the bank asking you for the money? You should be dealing with the owners. I assume the bank doesn’t own the property yet? Who is the realtor representing? Who says the property is worth 150K ? Does it need repairs? Please provide more info.
JohnP, This is the scenario. I?ve just found out that these are three parties involved. There is the individual that came about the property… don?t quite know how yet, but I think she acquired it from the owner/bank while in pre-foreclosure. That is something I?m currently attempting gain clarification on.
Then there is the agent that referred the property to me. I think the realtor is representing the seller. The house is in good condition and will bring, worst case, 130k easy ? as is.
How should the title be handled to marketability. They want me to come with 25k, QC the property to me, end of story.
Well Stacey,
I would look at this a bit more carefully? Does the property need repairs? How are you going to hold title? I wouldn’t do a quick claim deed when I have 25K on the line. Is the property still in foreclosure? How is title being held currently? Who is the third party? I would need to know what the seller is trying to do. Example: Have they taken the property over and stop foreclosure and now want to sell the property " Subject To"? Why are they selling? Who did the comps you or the realtor? Please give me more info.