Closing via Quit claim deed? 5,000 deal in Chicago?

[Account Closed]

Hello everyone, 

I received a call from a motivated seller for a property he wants to sell in the southside of Chicago. He said he would take 5,000 for a 4bd/2BA property (which I just found out is a 2BD/1BA). He said roofing and siding was done and he started some work in the basement.

Then he sends me an e-mail with his requirements: 

 1. Deposit $100, non refundable. 2. Closing to be via quit claim deed, by me and at the time of giving all the documents ( within 2 weeks ), $5000 to be given in the Chase bank, via Cashiers check.

He said the building has no violations. Has anyone done a closing via Quit claim deed? I'm not familiar with the term.. but this is what I read from Wikipedia and sounds very sketchy.. 

"offers the grantee no warranty as to the status of the property title; the grantee is entitled only to whatever interest the grantor actually possesses at the time the transfer occurs.[2] This means that the grantor does not guarantee that he or she actually owns any interest in the property at the time of the transfer,[3] or if he or she does own an interest, that the title is free and clear" 

Any thoughts?  

[Scott K.]

so lets go over this.

The guy lied right to you that it was a 4/2.  You found out it is a 2/1.

He "said" the roofing and siding were done.  That right there would be well over 5k right there.

He started some work in the basement.  Translation:  He got into something and found way way more repairs than he wants to deal with.  (plumbing, foundation problems, water and mold problems.

Do not see the price of 5k and get caught up in the what could I lose.

Do not ever buy property without a warranty deed (full disclosure my wife is the President of a title company)

Never trust a seller EVER.  Why would he want to dump it for this price?

He doesn't want you to do a search on this property.  Might have liens on it or a huge tax bill.

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO