Quitclaim Foreclosure from CITIBANK

[Julian R.]

Hi guys, 

Was wondering if anyone had any information on this. Im looking at a property in Texas. From Auction Network it is a quitclaim deed. There are people still living in the home. Checking the county tax records its a foreclosure  from CITIMORTGAGE BANK but i just don't know why they would be issuing a quitclaim deed. Any help thanks Its a bummer that i cannot see the inside of the property its just a wild guess.

[Ned Carey]

As a seller a quit claim deed is best because it limits your liability. As a buyer it is the worst because it guarantees nothing. A quit claim deed can be acceptable, if the terms of the contract are for free and clear insurable title and you get title insurance.