Quick Claim Deed and Refinancing - Posted by Anna-WA

Posted by Ed Garcia on October 19, 2000 at 18:40:01:


For starters, it sounds like we say “Quick Claim” and most of us pronounce it that way, but the term is “Quitclaim”.

Secondly, if the house is valued at $75,000, a cash out, on a none owner occupied would be about 80% LTV which is $60,000 and about what is owed on the house. You haven’t penciled in loan cost and the fact that it’s not seasoned.

I think if you want a little deal and all you have to do is take it over, go for it. But I don’t want to see you fool yourself in the process.

Ed Garcia

Quick Claim Deed and Refinancing - Posted by Anna-WA

Posted by Anna-WA on October 19, 2000 at 15:55:44:

I have an owner who moved out of state and is willing to quick claim me a rental home. The FMV of the home is 70-75K. Balance is 59.
The house is rented to a family who looks like long term tenants.
I would like to use this opportunity to refinance and pull out some cash for other multi-residential purchases. My question is what are my options for financing the house in a way that will allow me to get some cash back. Are there 90, 100, 125LTV programs for new loans? If so, any information would help.
I can prove that i have been managing the home for 12 months, and the seller is willing to QCD the home any time. My FICO is 700.

Re: Quick Claim Deed and Refinancing - Posted by tami

Posted by tami on January 20, 2001 at 02:12:28:

I have property that I wish to add another name to the deed, whereas, if something were to happen to me the property can go to my children.

Re: Quick Claim Deed and Refinancing - Posted by Bob

Posted by Bob on January 18, 2001 at 15:58:31:

We might be hit with a ton of medical bills in the near future. Is there anyway a “quick claim deed” would prevent a lien against our house? Are there any other/better options?

Cash out will be limited - Posted by Michael Morrongiello

Posted by Michael Morrongiello on October 19, 2000 at 18:40:18:

Most lenders will look at how long you have had LEGAL OWNERSHIP of the property and then if this is an investment use property (which I assume it is), they will want you to LEGALLY own it at a minimun of 6 months to as long as 12 months before they will consider a “cash out” refinancing.

Additionally, as a rental investment home, you LTV limitations will typically apply and be limited to around 85% of the fair market value.

Michael Morrongiello