Deal fell through:thanks for asking! - Posted by ke


#1

Posted by Kathy on November 02, 1998 at 08:21:23:

Actually, I have questioned the difference in my mind before, so have since visited a legal site and found out the answer. Definetely a Warranty deed! I don’t think we’re fortunate. We should have given him the cash. Besides being about half the going rate, it’s only about a mile from our home which would have made it sweet for bringing our equipment (backhoe, dump truck) to the site for developing, and we have access to a gravel pit just 1/2 mile away. I think it also would have more more demand than other parcels for sale, which are remote areas. or further north off the highway. We blew it. If I had quickly done a “Letter of intent” and had him sign that when my husband met with him at the land we probably would have had him!


#2

Deal fell through:thanks for asking! - Posted by ke

Posted by ke on November 01, 1998 at 21:22:52:

He ended up insisting that we pay $28k. We asked if we gave the $28 (with $7000 down) would he release title to 10 acres that would be entirely paid for and release the other 10’s as paid for so we could develop, that if we were willing to compromise he should too. Said no, didn’t want any improvements until entirely paid for. Said we’d talk about it. He said he was just going to take the $28 cash (from other guy).

Hindsite: We should have just said okay, then put up the 10 acres (for $13-15,000) with the driveway for sale right away. When we got a buyer we could have paid him off, done quick improvement to the driveway and a little tree cutting. and be have the other 30 acres free and clear.

At that point we really didn’t want to deal with him, but I think it’s our loss!

We’re learning!


#3

Re: Deal fell through:thanks for asking! - Posted by George Eller

Posted by George Eller on November 01, 1998 at 21:53:22:

You may have been lucky that the deal feel through! If he was only going to give you a Quick Claim to the property, you would have had a fun time trying to sell. Find out the difference between a Quick Claim Deed and a Warranty (or a fee simple)Deed. {I don’t know much but the benefits of my knowledge and my advice is worth what is paid for them}.


#4

Re: Deal fell through:thanks for asking! - Posted by LAURE

Posted by LAURE on November 01, 1998 at 21:52:02:

I don’t blame you ! I don’t deal with jerks either ! and it is your hard earned money you are playing with.
I agree with your decision.

Laure :slight_smile:


#5

“Quit Claim Deed” - Posted by John Behle

Posted by John Behle on November 02, 1998 at 15:24:30:

It’s a “Quit” claim deed. Think quit or “give up”. You give up any claim you have in a property. There are no guarantees or warrantys as to having any interest. You could give your friends a Quit Claim Deed to Disneyworld if you wanted for Christmas.

You’re right that it doesn’t necessarily give you clear title. A Warranty Deed is always better.