New York, NY · Member since 2014 · 146 posts · 16 votes
The property has a quit claim deed. Not sure why it has this. I don't see any tax liens on the property and I looked at the previous owners and it they got the property from their parents.
This is the property. It's currently asking a lot less than the current houses in the area. I don't think anyone is living there. looks empty.
What are your thoughts on buying a fixer upper on auction.com? Quit Claim deed okay in this situation?
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
11y
This is common. Run a title search, including city/county unrecorded liens if time permits, and have a title attorney review, prior to bidding. From auction.com, when selling by QCD, any liens will be exceptions to the title policy. The price you're seeing is the lowball starting bid not the asking price. The undisclosed reserve will likely be much higher than this.
Real Estate Investor · Salem, OR · Member since 2011 · 422 posts · 149 votes
11y
If its a deal, its a deal. Doesn't matter where it is coming from, as long as its not illegal. I have personally bid on a couple properties through Auction.com, but have never closed one. I have bought one from HUBZU & one from Williams&Williams. Both after repairs had significant upside. Things to be aware of are the bidders premium & technology fees. Kind of hidden costs IMO. Are they asking you to do a quit claim or did they receive it Via quit claim from their parents? Either way I would consult a title company.
Specialist · Las Vegas, NV · Member since 2013 · 639 posts · 176 votes
11y
All I would say is be very wary of Auction.com and check with a knowledgeable local Realtor before you jump. Also ensure you are able to get title insurance on the property before you bid. Best of luck with it.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
11y
This is common. Run a title search, including city/county unrecorded liens if time permits, and have a title attorney review, prior to bidding. From auction.com, when selling by QCD, any liens will be exceptions to the title policy. The price you're seeing is the lowball starting bid not the asking price. The undisclosed reserve will likely be much higher than this.