can i have a distressed seller deed their house to me then in 90 days I turn around and refinance the propertry and take cash out?
depends on the circumstances. if there’s a mortgage on it - you’ll have to deal with DOSC issues if they arise. it can be risky. talk to a title agent also.
TMCG.
Would you explain the risks in a 90 day period that could happen by a person getting the deed to a property wtih a mortgage on it.
Let’s go so far as to say the lender has someone sitting at the court house who checks the deeds on all their loans on a daily basis to make sure title has not transfered. Then there is due process of law or the period of time it takes to call a loan due, which might be a real stretch to do it in 90 days.
Just curious as to why you consider this risky? Personally I do not see a risk here after due diligence has been done on the property.
John $Cash$ Locke
well anything is a risk. how long will it take to refinance the property? so you’ll refinance it, pay off the original loan and take cash out - then what?