what is a quick sale?

Wolfbear
Home Buyer
Del Rio, TX

Answers (3)
Eric Thomson
Agent
Montgomery, TX

In your situation a quick sale could mean somebody is pretending to be the seller/agent and once you quickly give them your money they will run across the border as quickly as possible! :)

Tue Apr 21 2009, 13:46
Margaret T Hatc...
Agent
Montgomery County, TX

Wolfbear,
Don gave the three answers I would give except to add. In some states a quit claim hols a lt of water do not an I mean o not use one in Texas. It only clouds the title.
Margaret

Mon Apr 20 2009, 12:09
Don Tepper
Agent
Fairfax, VA
FIRST ANSWER

Quick Sale: One that occurs quickly. But I'm not sure that's what you meant.

If you meant a "short sale," that's one in which a property is sold for less than is owed on it. For example, let's say someone bought a house two years ago for $300,000. They need to sell, but the house is only worth $250,000. It's put on the market for $250,000 as a short sale. That means that the lender (who is owed about $300,000) must approve the sale because the lender will be "coming up short" (thus the term "short sale") if the house is sold for that lower figure. It's similar to a normal purchase from an owner--you make an offer and the owner accepts it--except the acceptance is contingent upon the approval of the lender.

If you meant a "quit claim" (you probably didn't, but that term is often incorrectly referred to as a "quick claim"), a quit claim is a simple way for someone to transfer whatever ownership rights they have in a property to another person. However, it's not always the best way to do so. Anyone contemplating a quit claim should consult with an attorney first.

Hope that helps.

Mon Apr 20 2009, 11:27

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