Im trying to get creative in the selling of my house, I was approached by a investor ,he is willing to give me 30k and then I would quick claim the property to him, Im ok with the #s(althouh atleast 100k less then I thought) but I cant pay the payment and need to salvage my credit.. tia…….
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#1 by TheMom at April 5th, 2009
You would just be giving him the title.
You will still have the mortgage payment, so this will not help your credit at all.
This would be a very stupid move.
#2 by DJ B at April 7th, 2009
Understand this about Quitclaim, if you quitclaim the land, but have a mortgage balance, you have in effect given away your rights to the land, but you are still liable for the balance due on the mortgage. I strongly urge you to hire a “real estate” attorney to draw the legal papers for you.
#3 by halestrm at April 10th, 2009
OK, first, are you getting $30,000 or $300,000? $30K for a home says to me that your house is in very bad shape.
Next, just a FYI but it is a quitclaim deed (you are quitting your claim to the house) does not relieve you of any obligations that you entered, mortgage, leins, etc. In many states this does not transfer the house to the other person completely. You should make sure it will legally work for you. Quitclaim deeds are usually used in the case of marriage or other types of arrangements where you basically disavow any rights to the home. This does not mean you disavow your responsibility.
This just seems a little fishy. An investor is willing to forgo getting a title search and everything else? I just don’t like it.
#4 by bostonianinmo at April 11th, 2009
This could be a good idea ONLY if the “investor” properly assumes your mortgage with the approval of your mortgage lender.
I had my equity stolen by one of these bastards many years ago. I needed a quick sale and he seemed to be our saving grace. They gave me a few grand and “assumed” the loan, or so I thought.
What actually happened is they put a tenant in and skimmed the rent until it went into foreclosure several months later. I was outside of the country and had no knowledge of what was going on until I applied for a mortgage several years later to have it denied for a foreclosure. Shortly after than, the VA came after me for restitution on what they had paid out on the foreclosure. It took months to get the waiver from the VA and clear the foreclosure off of my record.
If your mortgage company is willing to accept the investor as a substitute borrower on your loan and release you from any liability then this would be a safe way to dispose of the property quickly. Make sure that the closing is handled by YOUR attorney and that your attorney makes sure that you are properly released from you loan.
#5 by satarnag at April 11th, 2009
Hi, your best bet is to get the true value of your home from a local real estate agent. It seems like you have a lot of equity, so you’re better off just dropping the price to let it sell fast than to risk staying on the loan.
as previously mentioned, one of the things these investors do is they max out the equity in the home and then rent it out as the property goes into foreclosure. The other is that he/she will actually flip the property, which means the investor is getting this home way under value.
Regards
#6 by Terry S at April 12th, 2009
You can QUIT claim your rights to the property, but you still owe the money on it.
Sounds like the investors knows exactly what he is doing and you don’t have a clue.
Your playing poker with a real shark and need to hire your own council (lawyer) if you want to deal with this guy.
Most likely as soon as you mention attourney to handle your end he will be gone faster than hot pancakes on a Sunday morning.
Terry Smith