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Updated about 12 years ago,
Seller is free and clear but owes back taxes... can I buy on quitclaim deed and resell?
I have a seller that has a property that she wants off of her books by year's end. She owns if free and clear but owes back taxes of 3K. She's willing to sell it just to get out of it, $3K sales price.
I want to wholesale this deal but she wants to move quick on it. I was considering doing a title search, reviewing the liens, and then having her quit claim deed it over to me. I would them resell, at say $8K, pay off the liens from the end-buyers purchase funds and take my profit. Is this a viable strategy? Any other suggestions on how to structure this deal? I don't want to close in the traditional way because then I would have two sets of closing costs as well as having to come out of pocket to purchase.
Thanks in advance!