but my experience does not cover that process. My experience, which is by no means definitive, is:
(1) Submit SS package to lender
(2) SS accepted and escrow opened
(3) funds deposited to escrow account
(4) escrow closes, lender paid, buyer’s lender paid, title change recorded
I have not seen any SS where the seller signs title over to the buyer before the SS package is submitted. I have read about it here on CRE but I have no friends or associated who have done a SS that way.
I had a short sale deal almost go through but the funding fell apart. The deed was recorded in my companies llc name during the process. The original owners eventually worked out something with the bank and our now on a payment plan. My question is now since they are going to keep it, which one is easier to do, deed the property back to the original owners or quit claim it back to them?
They are just different kinds of deeds. The Quit Claim merely says you release any claim you have on the property. I would think this should be the correct deed to use in this case. You probably can prepare and file this yourself for very little money, or if you went through a Title company, just have them correct the filing.
Posted by For Rich -CA on June 22, 2008 at 10:10:51:
Rich, reading your follow up on Missy’s question dated April 2008 about which deed to use to deed the property back to the original owners because the deal fell through…I noticed she mentioned she had the property deeded to her during the Short Sale process. This is a question I have been trying to get answered. If I have the owners deed me the property, while I am trying to complete a Short Sale with the owners lender, won’t the lenders see that I am now on title and say no to the Short Sale? If they do agree to the Short Sale, during the process do I not have the right to try and sell the property to an end Buyer in the event the Short Sale is accepted because I am now on Title?
and they are all through RE agents, have closed in the normal way a non short sale does, so Title does not change until escrow closes. Can’t provide any info if you do things in a different sequence, but hopefully someone else can.
Thank you for your reponse Rich, so I want to make I am clear before I do any thing rational, I have the owner Deed me the property, submit a short sale package to the lender, in the interim I put the property up for sale subject to acceptance of the short sale and find a qualified buyer, the short sale gets accepted, and close escrow to the new buyer? Is that correct?