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Updated about 9 years ago on . Most recent reply

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Michael Hayes
  • Investor
  • Memphis, TN
232
Votes |
367
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Wholesaling a property bought in tax sale with quit claim

Michael Hayes
  • Investor
  • Memphis, TN
Posted

So I have a property under contract that I may not be able to do.  Hoped I had a winner on my hands.  Never been in this situation before so not sure which road to take.  The buyer bought the property in a tax sale, and it was quit claimed.  The quit claim is scaring off a lot of my potential buyers because of the title issues that could come with it.  Any way around it to get this thing done?  Has anyone been in this situation before?

  • Michael Hayes
  • Most Popular Reply

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    Rick H.#4 Marketing Your Property Contributor
    • Lender
    • Greater LA/Orange County area, CA
    3,548
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    Rick H.#4 Marketing Your Property Contributor
    • Lender
    • Greater LA/Orange County area, CA
    Replied

    @Warren Kirschbaum Maybe, maybe not. I've been sorting out attorney's messes for nearly three decades and assumotions by others have been a very lucrative business for me. 

    @Michael Hayes I suggest you get a preliminary title report and determine what a title company would require in order to insure. It may be that an indemnification or bond will transfer their limited risk on to you and you, in turn, can resell.

    Alternatively, try acting like an investor; buy and hold while your title ripens.

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