Is it safe to buy a home that only has a tax deed or quick claim?

Asked by Sandra Roberts, Bonne Terre, MO Wed Feb 19, 2014

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5
Letitia Patt…, Agent, Southfield, MI
Wed Feb 26, 2014
Yes and No. If your goal is to buy the property and immediately sell it, DO NOT buy the property on a quit claim deed.


If your goal is to buy and hold for long-term rents, then DEPENDING on the price, condition and occupancy of any tenants in the property, sometimes it's worth it to purchase a property on quit claim deed.


Remember, each investment property must always be evaluated on key factors such as:

1. Condition
2. Neighborhood
3. Sales/Rents in the immediate area
4. Title (clear or not)
5. Price

If one or two of these factors are excellent, sometimes, it's worth purchasing on a quit claim. However, remember ALL real estate is unique and must be evaluated individually. There are a myriad of factors that make up a great investment or a stinker of a deal.


Contact us to find out what works and what doesn't in our market:


Letitia N. Patterson
(la-tee-sha)


MI Elite Realty

Certified Investor Agent Specialist
Certified Short Sale and Foreclosure Resource
Licensed Realtor


Office: 248-905-1531
Cell: 248 506-9426
Fax: 248 504-5656
Email: myrealestateteam1@gmail.com
0 votes
Don Tepper, Agent, Burke, VA
Fri Feb 21, 2014
Maybe. Maybe not, especially in the case of a quit (not "quick") claim deed. I could give you a quit claim deed to the Statue of Liberty, and it'd be perfectly legal. A quit claim deed just means you're being given whatever interest the person has in the property. If the person has none, the action is still legal; you're just not receiving anything.

That's why I, and the others here, are advising you make sure the title is good.

Hope that helps.
0 votes
Tywana.globa…, Home Buyer, Detroit, MI
Fri Feb 21, 2014
Can not go wrong with tittle search
0 votes
Pam Sawyer, Agent, Shelby Twp, MI
Thu Feb 20, 2014
Contact a title company to research the property for you regarding the chain to title and they will tell you if the chain is broken and they can issue title insurance without exceptions. They can also advise you on the next step as well.
0 votes
Thank you can you also explain what a 'marked up' title is?
Flag Sat Feb 22, 2014
Nancy Knupfer, Agent, Lansing, MI
Thu Feb 20, 2014
It is likely the chain of title has been broken in those cases, so you would need to have a title agency research the property and determine whether or not title insurance can be issued.38
0 votes
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