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Updated over 6 years ago on . Most recent reply

Giovanni Luna's profile image
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Giovanni Luna
  • Rental Property Investor
  • Member since Apr 28, 2018
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Giovanni Luna
  • Rental Property Investor
  • Member since Apr 28, 2018
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Giovanni Luna
  • Rental Property Investor
9
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110
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Starting Out

Understanding foreclosure and quit claim deeds

Giovanni Luna
  • Rental Property Investor
Posted

I found a foreclosed home and  it says quit claim deed. I know I have to pay off the back taxes on it and closing costs  but say if the listing prices is 200,000 and taxes I would have to pay on back taxes is 10k and closing costs 10k ; would I have bought a 200k house for 20k and I own it or would it be 20k and I would still owe 180k on the mortgage?

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Jay Hinrichs
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Jay Hinrichs's profile image
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Jay Hinrichs
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  • Lender
  • from Lake Oswego OR Summerlin, NV
  • Member since Jan 29, 2014
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
63,203
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
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@Ned Carey  Oh boy    wow  the OP should really get with a good real estate professional

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JLH Capital Partners

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