What do you think of this ad? 5 Bdrm Quick Claim to Lawyer?

Question

I wanted to share this and find out what the community thought about this sellers strategy for selling her home.  Something I've never seen before and found it quite interesting and a bit funny.

I have a house that my bank won't let me sell and I am tired of arguing with them. I would like to quitclaim it to an investor or a lawyer who could maybe argue with them for another (?) years, but have a house to live in MORTGAGE FREE during that time!! Yes, my bank screwed up and I have no mortgage. No mortgage does not mean no lien. The original lien is still on the house. I would like a 20k cash out and you can have my headache!!!
She is a lovely, 100 year old Victorian - she does need some work, but it is minimal.
You would have to do the paperwork (lawyer needed).
NOTE - I have had every Tom, Dick and Harriet contact me. This is not a scam and I don't relish rehashing my reasons for doing this to every Nosey Parker who is "curious." Please note that I will be asking for your credentials before giving any information out. If you are not a lawyer or have one on retainer, this situation is not for you. No, the house is not "for sale" for 20K. If you don't know what a quitclaim is - GOOGLE it.

Wow huh?  What do you think?

Kind of a different way to introduce myself.   Anyways, my name is Annette and I am looking forward to meeting many of you great people through this forum. Connect with me.  Sunny Southern California is where I live.  I am a part of the RE Investors Daily LLC team and a Realtor in the area for over 20 years. :-)

Jeff Rabinowitz · Answer

It is a quit claim deed. The error generated 2 responses and at least 2 views.

Rick H. · Answer

Welcome to BP

There are betters ways to introduce yourself than the headline you've elected to use.

It does not position you as knowledgeable or credible. I read it only because of the error.

Ned Carey · Answer

Perhaps she means there is no NOTE. The deed of trust or mortgage shows up in the land records but they have lost the note.

Kim Knox · Answer

There are so many problems with what she is offering that it makes me want to help her understand some vital information.  She cannot offer clear title, so only a fool would offer her any amount of money to quitclaim the deed into their name. Just because she quitclaims the deed into someone else's name, it does not negate the fact, that she will remain the obligated party on the mortgage.  So her hope, of someone else taking on her headache, is silly.

WHEN she discovers this down the road and decides to try to short sale, or to offer the bank a deed in lieu of foreclosure, she will be unable to do this because their would be some other party on the deed, who would need to sign off on the short sale or the dil.  If they paid any sum of money for the Quitclaim, they will likely require that to be returned for their cooperation.

Now, if her loan is assumable, it is possible to have the quitclaim party assume the remainder of the loan through the mortgage company.  The problem with this, is if the lien was $390K, and the NOD filed in March, late fees, and attorney fees will be stacked on top too.  I am not sure what the market value of this house is, because that will play a role in how smart assuming a loan could be.

People like this can get other people in a world of hurt, including themselves.   She also mentioned that she cannot get the bank to sell, which means she probably tried to short sale.  A short sale could be denied for a host of reasons, but I will make the assumption that the home has other outstanding liens that the bank was not willing to pay to offer clear title.

Annette Gutierrez · Answer

@Jeff Rabinowitz :-) Just posted the ad as written. Copy and paste. Oh, I did write the part what do you think of this ad? @Wayne Brooks she may be getting the wrong information from somewhere or maybe she is delusional. Sad but true.

Wayne Brooks · Answer

The house is "mortgage free" only in her mind.  I see many owners who think they have a delusional get out of jail free card.  I also prefer the Slow Claim Deed.

Annette Gutierrez · Answer

@Karen Margrave thank you for the welcome and I am glad you also found this ad interesting.  Turns out of course there are other issues.  I emailed the advertiser and said "interested in your property I am an investor".  Next day she emailed back "please call and left her phone number.  She was flustered.  I asked for address and asked about lien.  She said lien was $390,000. I told her I liked her ad and she said what? I said it was different.  I told her I would look into the property and call her back if I was still interested. First thing I did was (google it):-).  Found out it was for sale for $403,000.  Then I ran a profile on it.  Found out NOD was filed 3/14.  Checked a foreclosure program I have but property did not show up.  Made a call to title company and she found an abstract of judgement for $37,000 and $190,000 due to make loan current. Were thinking she may be dealing with the bank with a loan modification or something.  Thats where I left it.  :-)

@Rick Harmon thanks for the welcome and advise.  I learn something new everyday.

Karen Margrave · Answer

@Annette Gutierrez I don't understand why she doesn't start a quiet title action suite and deal with the issue.

Other than that, welcome to BP! Hope you enjoy the site, and thanks for the interesting read.

What do you think of this ad? 5 Bdrm Quick Claim to Lawyer?

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