Free Falling Market? What are the immediate advantages or major risks to taking over a home on a Quit Option?
In this market thats falling down around us, as someone with savings and good credit, what are the major advantages and disadvantages to looking for a home with a Quit Option deed? Also, what is the details regarding the laws and the motivation for a homeowner to agree to a Quit Option deed? What should I be looking for, and is there any reason for someone who still has equity in a home to agree to sell a home with a Quit Option?
Jon,
I have been in this business for awhile and have not heard of a quit option. You could have some one use an option to purchase, a lease option, a all inclusive deed of trust, a straight purchase etc. You might mean a quitclaim to the property where someone has an interest in the property. Be careful if this situation involves a Land Trust and take note of California Civil codes 1695 and 2945 if there is any notice of default on the home. I can give you more information py phone 619.507.5688 and if you need information about the property itself, call my customer service for free at 619.521.3478
Smart person if they cant sale the home however has equity they want to maintain their credit is good standing than having a foreclosure. All paperwork transfer need be complete thru a title company who confirms property has no liens, done correctly. You will want have home inspected and appraised for value. Have a realtor make everything official for all parties.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
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