I was hoping that someone could tell me the pros and cons of adding a buyer to my purchase agreement and giving them a quit claim deed after closing in exchange for my fee? And when is the deed signed. at closing? or anytime after closing?
Right now im looking at REO’s which you can’t assign and this method looks like a way to avoid a double closing and having double fees.
Thanks for all the help. :help
This may not completely answer your question, but from what i’ve heard from others, you only want to have your end buyer added to the purchase agreement if you FULLY TRUST that buyer. I haven’t yet researched what the ramifications are if things go wrong or if your buyer is shady, but I plan on it.
I’m sure the investor would want a warranty deed with title insurance, instead of a quit claim deed. A double closing or assignment of contract makes more since. You may also want to look into land trusts.
Questions for new_guy55 or anyone that has dealt with this topic,
I came across this post about quit claim deeds when dealing with REOs. Were you able to successfully use this to transfer title to a new buyer? Was there anything that would be helpful to share?
I am in a position where I need to close on an REO and wondered if there’s an alternative to a double close scenario since assigning the contract is not an option. Ideally, I would like to use the buyer’s certified (cash) funds to close escrow, then use the quit claim deed to transfer title. Does anyone know if this is doable? Is the quit claim deed a good way to go or is a double close the only way to do this with REOs?
Thanks a lot for your input!
Why don’t you buy in the name of an llc then assign the llc. Easy as pie, just have your llc’s ready in advance.
Thanks for the advice. I have the contract under my LLC, but it’s not one that I want to give up. I’ll keep this in mind for future transactions. Thanks again!