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Updated almost 6 years ago,
Talk to me about Quiet Titles
I found a property on CL for $119,900 that is being used as an Airbnb. I ran some numbers and found that around $90,000 would be our sweet spot. I got in touch with the owner and on the phone he explained that they would be willing to do a discounted rate but we needed to know that there were title issues to be aware of. This is the first investment property I’ve ever made an offer on and really did it for the heck of it to just start making steps and I’m already feeling WAY in over my head. He explained that they bought the house from the government after the former owners passed away and the house was not left to anyone. (I might not have that exactly right but that was the general gist). He said if we wanted to buy the house with a mortgage we would have to do a quiet title to get title insurance for the bank. If that we’re the case they would not be willing to do the discounted price of $90k but if we did a cash offer then they would be ok with that.
I’m not sure how common situations like this are but it seems like if a long lost cousin shows up this could be a big issue. It could also be a great deal with a very minor fix down the road. Help!