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Tax, SDIRAs & Cost Segregation

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Marcus Geiser
  • Investor
  • Pittsburgh, PA
43
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115
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Making Cash Purchase: Not 100% on the process.

Marcus Geiser
  • Investor
  • Pittsburgh, PA
Posted Aug 2 2022, 18:08

I have the property under contract. The settlement company is doing the lien search and I will have it Friday, August 5th, 2022. 

The story is this; I live in a quiet little neighborhood. When the police raided the house on the corner it was all the talk. I seen people there the next day and put the house under contract thinking maybe it was a fed up landlord. Not the case. The seller ghosts me for several weeks. Calls me and says she is homeless, the house I have under contract is deplorable. Perfect walls, rough kitchen, but boxed up contents from a $600,000 house brought to a 1200 SF 3/1 purchased for $60,000 with a wet basement, full of boxes. The Father-in-Law bought the house a couple years ago for them. The husband unexpectantly passed away and the wife left alone fell off hard. I told her I would help, before I could she was taken to the hospital in Wilkensburg by the police yet again. She has been staying at a hotel. 

Here is my question: With my lien report back only showing the 3 years back taxes, I can then file the deed myself at the city county building. All I need is to prepare the deed, have notarized, and paying filing and fees. Right? 

What is the best way to do it I mentioned a quit claim but was told general warranty was better way. Still dont understand why, or how to decide. I have not been able to get clarity from my sources that dont think about REI but more standard house purchases. If this was a demo and 50 sheets of drywall it would be easier for me...

Learning through experience is not like reading a book or thread. 

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