BiggerPockets

http://joplin.craigslist.org/reo/1383668427.html

What is this guy talking about? I'd like to say that I speak REI but when I read this guys ad, I'm not sure I understand what it is that he is saying.

He's saying it must be a cash sale~
Ok! I'll pay cash
then he says he has a 'quit claim' deed~
I don't give a rats @ss about a quit claim, if it's a sale then I own the damn house
he says owner/buyer must own for 3 years before getting full title~
What?

Can anyone make any sense of this? I think I'll call him tomorrow and ask, I personally think he doesn't know what he's talking about but figured I'd ask someone else. I think he's getting some things mixed up

Oops, hit post too soon.

I don't think this guy really owns the house yet. He has something from a tax sale. That statement "You must own it for at least 3 years before you can get a full Deed for a Title" sounds like there's either some redemption period, or there's some requirement that you have to have possession for three years to fully own it.

What taxing authority gives a quit claim? Are they just quit claiming away they're right that comes from the delinquent taxes? Meaning, any other claims of ownership are still valid? I think you'd have to know how tax sales work in MO to fully know what this means.

Looks like they are just quit claiming their rights from the deliquent tax note.

I wouldn't touch this with a ten foot pole!

Now that I think about it, marketing my rights to properties on craigslist may be a good idea. I can make tons of money quit claiming my zero percent interest in random properties throughout my city.

What do you think Nick?

"I aquired it through a tax sale and put some $ in it. Originaly I had it listed at 14,500 and I have over 17K in it."

Can you put in money in a tax lien property? I think no.

-Uwe

Thanks, I didn´t kown that. I wouldn´t buy the house now.

-Uwe

Yeah it sounds like he is talking about the redemption period.

I would think no matter what he says, you close this deal through your attorney and get title insurance, or you just don't buy it.

You also have to know what type of tax sale the interest in the property was bought at.

In some states, if you purchased at a tax certificate sale, you do not have the right to apply for a deed to the property.
You only have a lien against the property which has to be satisfied before the sale can be done. Which means that at a foreclosure auction the "miminum bid" will include your repayment plus interest plus penalties and that usually pushes to total too high for a lot of investors and the property never gets sold so you never get repaid.

Lots of possibilities on this one. Most bad.

Originally posted by Jim Culler

...

I would think no matter what he says, you close this deal through your attorney and get title insurance, or you just don't buy it.

This is one of those cases where even title insurance might not give you what you expect. The title policy for something like this - if you can get a policy - will likely have exceptions to specific encumbrances that are not yet cleared. Title insurers only cover those situations where they have examined the risk, and can determine that the risk is small; anything else can be listed as an exception.

Since you are only getting a "quit claim" here, there are no promises of clear title, so don't expect it.

hey, sorry, I didn't know this thread got brought back.

Talk to the guy a while back and it was a tax lien he was selling. I didn't really understand most of what he was saying. All I knew I wasn't interested so I left it at that