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Updated almost 10 years ago, 02/08/2015
Seller will not perform a quite title action
Hi, I'm a complete newbie to real estate but desperately want to and plan on getting into investing sooner rather than later. There is a property in a historic neighborhood that has been up for sale for awhile. The price has steadily dropped down to $29,000. I know it needs several repairs just from walking by and looking at the outside. I'm very interested in rehabbing older homes and this one was built in 1925, a beautiful brick cape cod. Okay, getting to the point, looking online at the listing it currently says:
THIS ASSET WAS ACQUIRED THROUGH TAX SALE, CONSEQUENTLY THE BUYER MUST USE SELLERS CLOSING AGENT SINCE THEY WILL SUPPLY THE TAX CERTIFICATION. THE SELLER WILL NOT PERFORM A QUIET TITLE ACTION.
Can anyone please help me understand what this means and the exact reasons why I should steer clear of this property as my first investment?