Can I Do A Short Sale With Just A Quit Claim Deed?

4 Replies

hi everyone. I have a property owner who just wants to deed me his property for a fee and have me do the short sale without his involvement at all. Are banks open to such Arrangements? Anything I need to look out for?

Borrower needs to be involved to complete a short sale. 

If you take title you may as well kiss your chances of buying it good bye. Not sure why you'd want title for a fee to an underwater property unless if you have another agenda and borrower doesn't care about credit or liabilities. 

No! It must be the borrower and qualifying for a short sale, but you can buy at whatever the lender will accept. If he's underwater, move on, he's stuck and sounds like a walk-off, might get it from the foreclosure sale or as ORE/REO later on. :)

Originally posted by @Brett Goldsmith :

Borrower needs to be involved to complete a short sale. 

If you take title you may as well kiss your chances of buying it good bye. Not sure why you'd want title for a fee to an underwater property unless if you have another agenda and borrower doesn't care about credit or liabilities. 

 thanks. I would want title with the assumption that I shouldn't have any problem negotiating a short sale with the lender. Of course there's no guarantee that the approved price would be feasible to me. But I wouldn't mind risking a couple of grand on the right property and under the right circumstances. But if you're saying that the owner needs to actually be involved throughout the short sale and that the bank won't respect my quit claim deed as owner, then of course I wouldn't want to proceed.

@Ibrahim Hughes if he deeds you the property it is your's the bank does the same thing work together with the owner,good luck.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here