To Quitclaim or not to...that is the question
Many of us here on BP pretty much know the various types of deeds... Warranty Deed, Grant Deed (California), Deed of trust, Quitclaim ect. We also know some the differences between them. So my question is when would we NOT want to quitclaim versus when should we. I know a lady that is currently in a pre forecosure and is letting her house go. She moved out a year ago and the bank has done nothing whatsoever other than send her a NOD. She still owns the house. She may be willing to sign the house to me via quitclaim. I know I am ussuming all the liens and title will not insure it. But what if I do get the quitclaim, I can rent it out right? Also, would the quitclaim deed allow me some leverage to negotiate a deal with the lien holder for a short sale. Finally, what risk what I have with the quitclaim and a house in pre foreclosure.