I’ve just had my first deal dropped in my lap (literally)!!! Home in Atlanta, GA in foreclosure - $65k owed on mortgage - only 4500 overdue to bank, seller has agreed to deed me the house, give me limited power of atty for the home, i’ll stop the foreclosure, fix it up (purely cosmetic) and sell for profit. House will retail for $149k. It’s a no brainer, however which type of deed do I use Warranty Deed or Quitclaim Deed? Also do I need a purchase contract since she is deeding me the house? Any help would be great as I am leaving for Atlanta on Wednesday morning and would like to make sure I have my ducks in a row. Thanks!
Why not do regular closing … I am not very familiar with GA, but you may need to research the title in details as it may have some other clouds.
I would put a regular purchase offer for 70-74K where seller pays all closing cost. To make it even sweeter… you may put the offer of 85K and ask the seller to pay 15k return in repairs so that your investmentis nothing. This way bank is happy, and seller is happy and you will delight with clear title insurance.
Regular closing is costly, but it clears a lot of things. Here in Texas that is very normal.
Good luck.
DFW
Regular closing not an option since I want to flip rather quickly. Georgia has been a stickler giving buyers mortgages on property that has changed hands so quickly. I was told I might have to hold the property for six months. Can’t do that. Any other suggestions?
Sherrie