I found a investor selling a property that has to be cleared with an action to quite title. They stated that you can pay an attorney from $2000-4000 to get it cleared. I'm not familiar with this process. Is their anyone familiar with this and is it a complicated process. The property is currently being rented and it appears to be a good deal.
You need to know WHY a Quiet Title action is necessary. Speak to a local attorney and get a title search done. A Quiet Title action is Not a guarantee of clear title in many cases, it may not even be appropriate, and you may never get clear title. Usually if it were that simple, the seller would do the QT,, then sell for market value.
Wow...that's a lot of money for a Quiet Title. I've got one under contract now that we're waiting for the action to clear the court. Attorney's only charging about $700. Seller inherited the house from her mother but there was no will. It's the only asset in the estate so they're just performing a Quiet Title to get the deed in the daughter's name so she can sell it to us. Having title search run on it next week & if all goes well we'll be closing right after Christmas.
The property was bought at a hoa foreclosure and their was a previous loan on it. I actually asked why they didn't go through the process themselves and they stated they wanted to liquidate several of their properties they were holding to build there cash reserve up. The property is way below market value and they are asking cash only. Thanks for the advise Wayne. I'll take those steps to look into it further.
Sounds like they are representing that this one of those cases where the HOA foreclosure wipes out the mortgage. That, apparently only applies on specific types of cases. So, absolutely check with an attorney or you could inherit a mortgage larger than the value of the property. "Raising cash reserves" by selling property at a huge discount is suspicious, and a phrase commonly used by someone scamming you.
So, when did they buy it, how much did they pay, what's it worth, how much are they asking?
thanks again for the replys. Plan on doing the follow-up to dig in further.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing