Fannie Mae and Quit Claim

[Lisa Monroe]

Hi Everyone, I am wholesaling a Fannie property.

Can I add my buyer to my purchase contract and then quit claim myself off the deed at closing? My fee will be less than the 120% restriction.

or would I have too double close, still staying under that 120% restriction?

[Luis A.]

You should be able to do it unless there is some clause in the contract that does not allow you too. If it's a Fannie property just read all the paperwork that they will send you with the contract and that should give your answer. You might also want to talk to the listing agent and inform them you want to add someone else to the contract. They should not have a problem with it as long as the purchase price and closing date do not change.

I assume of course this is for a cash purchase. If it were a financed purchase the answer would be no.

As far as the QC, that is something you have to work out with the closing attorney/title company. I did it once and they prepared the QC with no problems.