Quit claim

hi lisa,

welcome to mortgagefit discussion board.

if you quit claim your interest you are only required to pay for fees which are necessary for recording of the deed plus any attorney expenses if you hire one.

there are no agent fees as such connected with making a quit claim deed.

do let me know if you have any other questions.

thanks
blue

As far as I know there are no agent fees to be paid for a quit claim deed Lisa. If you are selling and the house is listed with a realtor then agent fee is paid.

My house is listed with the agent who doesn't want to cancel the listing. The property has been for sale for more than 6 months (I sign the listing contract a month ago) and didn't receive one single offer since I signed the contract with her. Now I am facing foreclosure and wanted to do a short sale with someone who has investors and knows how and what to do. My Agent told me that she is not going to cancel the listing (she can do the short sale by her self) and if I quit claim my interest to someone, I am liable to pay her broker fee. How do I get out of this situation? Please advise.

Hi Lisa,

Did you try telling her that you have changed your mind & don't want to sell right now? Most agents would agree to cancel the listing in the hope that if you were to decide to plan on selling again in the future you will get back to them.

I told her the truth about what is going on with my property. As soon as she heard the foreclosure word, she jumped to say " I can do it" I don't want to go through another issue with this property. I just want her to get the hell out of my property and do the short sale before the redemption period is over. Please advise

Well she can deny to cancel the contract within her rights. You may have to contact an attorney if she can't be convinced.

How much is her fee? You need to calculate if it be worth to pay an attorney to get the contract canceled compared to paying her the fee.

If you want to go the legal way then it will be required to prove that there is lack of "due diligence" on her part in terms of efforts she has put to get the house sold. Like she hasn't taken steps to correctly market your house, and hasn't erected for-sale sign, didn't put your listing into the local MLS, not advertising in local newspapers.. things like that.

Thanks
Blue

Her fee is 7 % and I know that she is not going to cancel the listing. She probably will wait till the listing expires. She doesn't care if I am hurt or not by this. I will try to contact an attorney.

But you don't have another 5 months to wait with chances of foreclosure too close. Contacting an attorney would be the right thing at this moment. At least you will be able to know if the contract could be legally canceled out.

Please let us know what the attorney says on this.

Thanks
Blue

"Now I am facing foreclosure and wanted to do a short sale with someone who has investors and knows how and what to do."

I have heard that many such schemes are frauds. My advice would be to remain aware of not falling into some kind of trap.

hi lisa,

when you quitclaim your property interest to someone, it is now his responsibility to sell the house. but remember that only your title is transferred through the deed, not the loan that you have taken. you have to pay off the loan yourself if you want to avoid the foreclosure.

and, you need not pay the agent fee. the person whom you are transferring your property should pay the agent fee as the house is now in his name. also consult with your lender so that he can understand your problem and may come forward with some loss mitigation plans to get you out of it.