Posted by $Cash$ on July 08, 2002 at 18:49:42:
Mike,
John Merchant, JD gives an excellent example on what a Quickclaim Deed is worth.
$Cash$
Quit Claim Deed - Posted by mike c
Posted by mike c on July 08, 2002 at 18:18:37:
To anyone that can help. A real eastate investor (owner) is offering a 3/2/1 brick ranch with basement that needs some work on it. Work will include new carpet, paint, and “a few other things.” He will quitclaim the property to an investor for $2500.00. Similar properties in the area have sold for about $150k. The property is located in Colorado. My question is, what am I missing here? Is it possible to take ownership of this property for $2500 with a quitclaim, put some rehab work into it, then sell it for $140k easily? The property is currently unoccupied. I have not seen the property in person. Thanks in advance to anyone that can help.
Re: Quit Claim Deed - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 08, 2002 at 21:30:52:
Mike C–(CO)---------------
There is probably a big loan on the property. The new owner will be responsible for paying on or paying off that loan, if there is one. We would have to know more than you have told us for us to know what to say about this situation.
Good Investing**Ron Starr
And scroll down one more, to #60 - Posted by John Merchant,JD
Posted by John Merchant,JD on July 08, 2002 at 19:43:45:
Earlier today I discussed what a QCD is, and what it lacks…i.e. proof of clear title…so while $2500 sounds like a bargain, you could be buying a worthless deal without knowing a good bit more.