Quit-Claim Deeds!!(Semi-Long) - Posted by Derek(NC)
Posted by Derek(NC) on January 24, 1999 at 15:03:23:
First, let me say this is a great board, with wonderful info being put out…Thanks
My wife and I had a brainstorm, but we are not sure about it, so here goes…
If a homeowner is in foreclosure, and they really don’t have any equity to borrow against, only been there for 2-4 years, and I offer a solution of a Quit-Claim Deed (QCD)to us. If they accept and QCD to us we then own the house right? So we pay back all their arrears, increase rent for repayment to us, and give them a L/O to repurchase with strict guidelines, i.e. rent due on 1st if they default, forfeit option, they will then be strictly tenants, still paying inflated rent, hopefully they will move, we could then resale the home “Rent-To-Own” and once we find a tenant/buyer sale just below FMV…
Of course we know we would only be making small change but we have other details about the repurchase option with the original owners, and if we never had a buyer only renters we still have the home tied up always increasing rent as the market will handle…One day owning the home free and clear.
Whew!! All that aside Please tell us we’re not dreaming and this is legal, There are so many foreclosures here we could rack up!!