QUIT CLAIM

Guest 0.10 Dollars($)

Greetings,

I found the quit claim deed on the house that I am renting. I asked my landlord about purchasing this house. If he owns money on it and.or it is about to be foreclosed, what would be the benefits of getting the house quit claimed in my name? Can he put the house in my name that way? What is the best/smartest route to go in purhasing this home?

Thanks!!!!

banker0679 · Posted: Mon Jan 14, 2008 8:26 pm Post subject:

best way is to buy it from him like you would buy any other home.
even if you quickclaim the home they can still foreclose on you.
If you try to 'refinance' they will ask for payment history.

Guest 0.10 Dollars($)

If the house is likely to be into foreclosure, I suggest that you don't go for it. This is because such a transfer may be regarded as fraudulent and perceived as being done to avoid foreclosure. And it may cost both you and the landlord a penalty, that is, the lender demand money or file a lawsuit against the landlord.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hey Ryan,

Welcome to the forum and you will enjoy participating in this forum Smile

I think you are absolutely right. If the landlord quitclaims the property just before the foreclosure, it will be considered as a fraudulent act and the land lord may have to pay penalty for that.

"What is the best/smartest route to go in purhasing this home?" So quitclaim is not a smarter thing to do here. I think the property can be bought if the above poster is really interested on it and for that reason contacting to the landlord and the lender will be a smarter thing to do.

Best of luck,
Larry

yourbestmtg · Posted: Tue Jan 15, 2008 8:17 pm Post subject:

Hi Creationspurpose...

Here is your best scenario...you have been in the home at least 12 months and you have made all your rental payments on time and have the cancelled checks from the payments you have made to your landlord. You then draw up a purchase contract that you both agree upon. ( I didn't understand if the landlord is going into foreclosure or not...obviously if he is then he owes money on the house - a quit claim deed will not save him from going into foreclosure - he is still responsible for the loan.) Next you obtain financing for the home - talk to at least 2 different lenders or brokers and get PREAPPROVED not prequalified - There are many professionals here you can work with if you feel comfortable.

Hope this helps...let me know if you have any questions! Wink

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