Seller thinks I fell off the turnup truck. - Posted by Tim Jensen
Posted by Tim Jensen on December 21, 2000 at 09:24:22:
I thought I would relay a funny thing that happened to me yesterday. I talked to a guy on Monday about buying a house he just took tax deed to. He wanted 15k I offered 8-9k.
He told me that he wanted to think about it. Which I said was not a problem, I added that I have cash and can as soon as he can get me clear title and a warantee(sp?) deed. With this the fun began…
He told me that he can get me a quit claim deed. I told him that I want a warantee deed. At that point he said that all the investors he has sold to have taken a quit claim deed. YEAH RIGHT! He finally relented, but I would have to pay for deed prep. He informed me that his son is a lawyer (that I know to be true) and that he would charge $300 to do the deed I laughed (to myself)and informed him that I can get a deed prepared for 35-50. He said that he will see and talk to his son.
Then I informed him that I will need title insurance and he agreed, but wanted me to pay for it. Not a problem here since I am getting a deal on the place.
From there I told him that if my offer was acceptable I could write up the sales contract and either have him look it over or fax it to his son. I added that I use the standard boiler plate realtors contract. Then he informed me that he saw no need to sign a contract. In fact, he wanted me to put the 8-9k in escrow at HIS title company and that we can close a week later.
He tried to tell me that he has always sold his tax deed properties this way. WHAT A JOKE! I have a feeling this guy must have thought that I did fall off the turnup truck. I am just curious if anyone else has had a similar experience with sellers?
MY thought is that he wants me to put the money in escrow without a sales contract then shop my offer for a week or even worse somehow try and keep my money. As for the quit claim deed, I have a feeling that he is having some problems with the title. I would be leary about taking a quit claim deed. I took one this year and when I went to get title insurance for a buyer the title company was reluctant to issue a policy. The only way the issued a titkle policy was when I produced the original sales contract.
Bottom line buyer beware!