June 15th, 2010
Why would home owner quick claim when have tenants?q?
I have been renting a home. I made my payments on time. Unfortunately, the owner of the home did not and the property fell into foreclosure. The state I am in has a 6 month redemption period. I like the home and got pre-approved for a mortgage to be able to buy it. All of the sudden I found out the “owner” quick claim deeded the property to another individual/company who is now trying to sell me the property for much more than I would have been able to buy it from the bank. The new “owner” says he has negotiated with the banks (there were 2 loans) regarding a short sale and basicaly paid off the loans almost in full (which I doubt cause he could have waited and paid 80% original amount + zero on 2nd which would have absolved). However the liens and foreclosures are still on record and not satisfied as he claims. Now he is trying to sell me the home at huge profit or “rent it to me again with an increase”. Would the bank short sale after they already foreclosed? Why would owner qcd
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Filed under: Buy Property
sounds like you need to find a better deal i dont think you’re the getting the whole truth the link below has a lot of great info about foreclosure laws and some real good commentary.you could also fish around my site for the same
The owner probably stressed out and wanted out as soon as he could. He is now done with the mess (for better or worse). The new owner is trying to get his money back quickly and thinks he has a sucker on the line (you). The new owner most likely needs your cash for his cash flow. Threaten to move out (but be prepared to do it). Then you will either get your rent back to where it was or have a reasonable chance at getting a decent price.
The mortgage company sends notices of foreclosure. Going to court costs them a lot of money. If they can short sell without going to court, they often save a lot of money because not only did they not have to go to court, but the resulting sales price is often higher than it would be at foreclosure. The old owner would know foreclosure was coming, but they might not have actually gone to court.
This new ‘owner’ seems slimy and you would have to have a really good real estate lawyer to determine the status of the liens and make sure the property was free and clear if you decide to go ahead and purchase it.
good luck! You’ll need it!
It sounds like it is legit to me. Someone knew owns your house. The public records are not always up to date, and getting slower every month.
You need to do a title search (cost you about 200) to determine if the liens are there or not.
If the house has already been foreclosed, as you seem to think, you would have been evicted.
It’s quit claim, not quick claim.
Pay for a title search, and in the chain of title you will be able to see when and if any and all mortgages were satisfied.