Posted by JT-IN on February 09, 2002 at 18:55:56:
Certainly the owner can deed their property to you… but this is not a deed-in-leiu of forclosure. Deed-in-leiu of, is done with the lender. You accepting the deed, has no impact on the mortgage default that is in process. Obviously, if you accept the deed, you will want to have full advance knowledge, of what it will take to cure the default. Possibly you pay it off completely, or just accept the deed, subject the exisitng financing in place, while curing the default.
Things to be very careful of here, is that motivated sellers will not always tell you everything, occasionally leaving out the part about the “IRS lien”… Be certain to seek good counsel on completing this deal, including title work and title insurance.
It sounds as if you have a great one here. Get it under contract, with a contingency to check title, have your atty review the deal, etc. Good luck on getting it done !!
Just the way that I view things…