Foreclosure in Scottsdale>Question Details

Whatsup, Home Buyer in Scottsdale, AZ

Who owns this house?

Asked by Whatsup, Scottsdale, AZ Tue May 18, 2010

I purchased a house off a foreclosure company that does a lot of business in phoenix. My agent told me had bought a house off auction through a forclosure co. and asked whether I would like to buy it. I purchased this house and received a quit claim deed, paid my taxes and listed as owner at Maricopa county. Eight months later I received a notice that the house was coming up for auction again. Apparently there was another mortgage listed on the property that wasn't showing at Maricopa County. Who is responsible for paying out this mortgage or does it have to be? How can we have a deed to the house and show as the owners and still have the house go back up for auction?

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Stephanie Weiss’ answer
The definition of a Quitclaim Deed is it releases or "quits" any claim or interest a person has in a property. A quitclaim deed offers no warranties. It simply says "If I have an interest I give it. If not, I give nothing". Quitclaim deeds are used in after-ownership situations such as divorce or clear up any clouds on the title. Also, most title companies will not issue any kind of title insurance policy when using a quitclaim deed. I'm guessing the auction house was only involved in the 1 mortgage and you may be stuck with any others that exist. I would speak to an attorney as soon as possible.
Stephanie Weiss
1 vote Thank Flag Link Wed May 19, 2010
When buying short sale or foreclosure, we used to run property title search before we make an offer. We should know ahead if the property has any outstanding mortgage, property tax, liens or any thing that need to clear before we could close the transaction. I have been using services for all of the tile search and property report.

Before closing, you can purchase a good title insurance policy will cover all of possible title problems for the new owner.
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1 vote Thank Flag Link Mon Jan 12, 2015
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0 votes Thank Flag Link Sun Jan 11, 2015
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0 votes Thank Flag Link Sun Jan 11, 2015
That is why you must always use an Escrow and Title company.. cya ,. In this market never accept a quit claim deed. Must have been a new Agent.
0 votes Thank Flag Link Wed May 26, 2010
It sounds like you need to talk to an attorney quick.. Did you get Title insurance on the propert? If so call them first they may have to have their attornees take care of it. I am not sure you would have purchased a quick claim deed.
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0 votes Thank Flag Link Wed May 19, 2010
Time to talk with an Attorney. Since the quit claim deed does not wipe out all liens you may have a problem. However, if it is a Deed of Trust, there may be a promssary note that still shows the original debtor owes the money.

You need help sorting out all these problems.
0 votes Thank Flag Link Wed May 19, 2010
If you skipped title insurance which could happen with quit claim deeds you may have an issue. Start with reviewing the steps of you purchase and see if you were properly represented and if you chose correct steps. We don't have enough data to see who owns the house though.
All my best
Laura Myers
0 votes Thank Flag Link Tue May 18, 2010
Dear Whatsup:

Since you have not provided the address, no way to find out what is going on. One way is for you to check with teh Maricopa County accessor. You can do this online or in person.

Sounds like you should consult with your real estate attorney if the title is a an issue. Did you get title insurance when you purchased the home.

May I wish you the best.

Regards, Jeff

Jeff Masich, Realtor
HomeSmart Realty
0 votes Thank Flag Link Tue May 18, 2010
Wow, scary situation...

Have you called your agent (the seller)? Have you called the title company that handled this transaction? I would start with calling both of them. Title insurance is in place to keep this very thing from happening.
0 votes Thank Flag Link Tue May 18, 2010
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