Updated almost 12 years ago on . Most recent reply
Buying from A Hedge Fund Company
Hello, BP. I'd spoken with a gentleman from a hedge fund company. The company has inventory that it's willing to sell, but in order to secure the properties, they'd have to be purchased via a quit claim deed. Has anyone bought directly from a hedge fund company? In addition to selling some of its inventory, there are properties that can be acquired via a land contract. Most of us hear/read that these types of companies are taking certain markets by storm and purchasing a significant amount of properties, so it's refreshing to see that one can tap into the company's inventory and get some great deals.
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Unless you know how to research title and are willing to self insure (take risk), do not buy with a quit claim deed. Write a contract and close the deal using escrow and title services. Quit claims are not worth anything when it comes to a legit transfer and marketable title. You could be buying from someone or entity that has no ownership or imperfect ownership.
If they are selling with a quit claim deed, it means they aren't guaranteeing title. You can offer to pay for escrow and title to make sure you don't buy something that you can't refinance or re-sell.