Following up from a previous post on here about not being able to unload the properties we bought at the surplus sale. After talking to the title company, we need to have a real estate attorney get involved in Quiet Title.
Is there any way to sell these with the same quitclaim deed that the city sold these properties to us with? Obviously we have learned from this experience and will never invest this way again. We have ditched the mentor that got us into and that has drained our savings account.
Are there wholesalers out there that buy these without doing a Quiet Title? I mean we are looking to unload these for less than we paid for them and are even at a higher loss if we pay for a Quiet Title that takes 100 days to do.
Walking away from them at this point is not an option and neither is investing any money to get them move-in ready.
No, Quit claim doesn't convey title. It only gives a statement that the person signing it lays no claim to title.
Anyone having to do a QT is going to want a substantial discount, as opposed to clear title, all other things being equal. Unless of course of you find some of the dummies that buy properties in this same situation from the guys peddling the tax deed Junkers on Craigslist.
@Holli Phillips Marketsble title is a term that you niw ought to become familiar with.
Don't freak out just yet.
If the asset (the real estate) is otherwise a property that someone would desire, you might be able to monetize it despite having deficient title.
If it's habitable as a rental, it could produced income with a tenant dispite the condition of title.
If you sold via a land contract or similar vendor/vendee arrangement, you might find a oarty willing to take it.
If it has other value, you might be able to swap it for or towards something else. You could use it as an "equity stretcher" on another acquisition.
You could use it as a must-take partial oakmont on a deal.
You could keep it as a "scrapper-property" then let it season one year + one day then include in a 1031 exchange to turn the replacement property into instant long term asset.
You see, you're just stuck in the oroblem and blind to the opportunitues.
Winners find ways!
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