ran out of time need help Please!!! - Posted by ralph

Posted by River City on March 01, 2007 at 16:50:55:

It sounds to me like there was some fraud going on in this deal. Were you obtaining financing for the property? If so, you would be crazy to finance the property in your name and then just QUIT claim it to him (or anyone else for that matter). Once you quit claim the property, you are not on title but still owe the money, as this does not relieve you of your obligation.

Tell your “friend” that you don’t need that kind of enemies and for him to GO POUND SAND!!! He was using you because he could not qualify for a loan and you can. You need to google “mortgage fraud” and see the consequences of what you are about to do.

ran out of time need help Please!!! - Posted by ralph

Posted by ralph on March 01, 2007 at 12:06:07:

I have a purchase and sales agreement with a partner,we had a verbal agreement that I would quick claim the property back to him after closing.closing is here and now he wants my name off the prepared deed and other paperwork.I wanted my fee, that for 6 months, I was led to believe was comming. now basically I’m told too much money,I don’t deserve it. GO POUND SAND!!! I have no money invested.currently he already has invested over 20k in property.He says he will sue me.this was a supposed friend!!! buisness is buisness ! upset just want my money. any input appreciated. thanks

Re: ran out of time need help Please!!! - Posted by DJ-nyc

Posted by DJ-nyc on March 02, 2007 at 14:37:58:

Ralph,

Give offer to your partner 20k on the back end. Put all agreements in writing and get them notarized. Record the agreement at the county clerk’s office.
Create a win-win solution so you can remain friends.
This is a “creative” real estate forum.

Good luck,
DJ-nyc

Re: ran out of time need help Please!!! - Posted by Ralph

Posted by Ralph on March 01, 2007 at 17:02:30:

this was an all cash deal.the reason was, property is an estate.I took it thru probate twice.then I realized I couldn’t do the deal because of financing.my good buddy came along and wanted it so I added him to p&s and agreed to do it that way.oh he is a licensed broker.