All Forum Posts by: Fernanda B.

@Fernanda B. - what @Brent Coombs said is right. I don't think anyone here is making any type of acquisitions. What we are saying is that the advertised facts of an unreliable tenant, plus a quit claim deed, plus an incredibly low asking price, all sum up to be a questionable set of circumstances that raise a lot of red flags for investors. I suspect this is not be what you had intended, but it is the way the situation has been received by the investors on this thread.

Given the feedback, you can take this as constructive criticism that "perhaps I can advertise this deal/situation in a way that address and alleviates the obvious concerns of potential buyers".

@Fernanda B., so, you're admitting that the "owner" (I've added inverted commas this time; I should have last time too) is not making any promises to anyone?

My main point is: Back in the day, Quit Claim Deeds were only ever intended to be swapped between family members / beneficiaries, not for every random outsider Tom, Dick and Harry that they could try to squeeze money out of! 

ie. If the Title is good, rather than just thinking that "caveat emptor" covers the seller's back, it should be worth it to the Seller to ask for more than $2k, offered with a guaranteed Warranty Deed, cleared through a Title Company. That's what the Buyer will later attempt to do anyway, and would stand to make a killing, right? What's that? You can't say?

Oh well, there's plenty of properties that aren't worth more than $2k as-is anyway, so if the Seller isn't going to help in any way with the homework, why make trouble for ourselves by risking this one? Onto the next Warranty Deeded one...

Fernanda, you can see how your statement looks, can't you? This is what the owner is suggesting:

"Give me $2000 now, and I promise that the piece of paper I give you will say that any vested interest I have in the property will become yours (even though I'm offering no proof that I have any in the first place, or who else might), and by the way, any Taxes and other Liens that are outstanding, er, of course I'll attend to them with the money you give me. How much is actually owed? Oh, I don't have those figures with me right now, but give me the $2000, and I'll certainly look for the relevant documents".

Tell the owner: Good luck with that!

What kind of debt and other liens exist against the house now?

I bet it's under water.  For $2k you'll buy a house with more debt on it than it would be worth IF it was vacant and in good condition. Woo-hoo!

I’ll take the house from you.

Quit-claim deeds are the least desirable form of deed, as they don't actually convey title. All a quit-claim says is "I renounce any claim I have in this property" which has NO baring on claims ANYONE ELSE may have on the property. If I was a potential buyer, I would be suspicious of this situation.
For what reason does your friend want to use a quit-claim? Is the title clouded? Are their liens?

If the tenant is not reliable, and your friend is unwilling to evict, then he is essentially (& knowingly) selling a lemon. I don't understand, why not just evict?

 I think Illinois has a hefty transfer tax doesn't it? What are the costs for eviction and how long is the process?

Why don't you buy it.. only 2 K.. then you non-renew tenant file eviction if he's not out in 30 days and clean it and FLIP it yourself.