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Updated over 11 years ago on . Most recent reply
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I need advise/help section 8 and/or auction.com advise/help
this would be my first property if i can get it but it will probably be bid higher then i can go as i want something cheap and i'm thinking of renting it to section 8 so therefor i think a 3BR would be best although i did see a 4br but sq. ft. was like 1100 i think the garage may have been converted and i'm not sure how section 8 would view that it is small sq. ft. and/or garage was converted into BR. although the price was right
anyway i'm looking at a auction.com home and this is what it says:
Transaction Details:- Buyer will receive a Quit Claim Deed or equivalent.
- Buyer may purchase optional title insurance during or post-closing, but may not delay closing as a result of obtaining. Title fees typically cost between $500 and $1500 and are based on the purchase price of the property.
- This property is reported to be occupied and buyer is responsible for obtaining possession.
- Buyer's Broker/Agent Commission available. Please contact agent for more information.
- If you are the Winning Bidder, an Earnest Money Deposit of 10% of the total purchase price or $5,000 (whichever is greater) is required.
- A Buyer's Premium equal to 5% of the Winning Bid Amount or $2,500 (whichever is greater) will be added to all Winning Bid Amounts to determine the Total Purchase Price.
- Property is being offered as is, where is.
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i'm worried about it being a quit claim deed and i buy it and end up with nothing as other liens may be on it but they are offering me optional title insurance so that may not be an issue where i buy it and other liens are on it.
also that it is occupied i don't know if that would be a deal breaker or if i could just get them evicted if they do not want to pay rent or leave voluntarily
advise/thoughts please of this home on auction.com or the 4 BR and section 8
Thanks