I mentioned this here a while back, and went into it a little deeper than I would generally, as we had a live offer on the table. But you MUST read the addenda on REOs, refer to attorneys, and keep your client safe as possible.

REOs with Quit Claim Deeds... I wonder if it has actually happened to unsuspecting buyers? The addenda for the provision certainly exist:

 

Quit Claim Deed Provision in Foreclosure Sale Addendum

 

Want the Brooklyn Bridge? As far as I am concerned, I will Quit my Claim for $20.00. Cash. Good luck with your recording.

See, I am taught that all that QCD is, is a license to hunt. That the "Seller" is just standing back and letting the Buyer have their swing at the pitch.

Yes. Someone other than my clients got the house. And they got a Special Warranty Deed, as happens with most REOs. I am left wondering if they struck out, at attorney's advice, the "Quit Claim Deed" and "Cincinnati arbitration" phrasing like we did on the advice of my clients' attorney.
I will probably never know.

Did I not do my job, as my clients didn't get the house? I ponder that. The money was very close, and the terms we substituted helped keep them safe, although the terms may well be the reason they did not get the house.

.

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Cary, NC

 
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7 Comments on Revisiting: REOs with Quit Claim Deeds. It Could Happen

MAR
06
2011

Interesting tidbit.
10:21pm • #1
242,684 Points 2 Featured Posts Outside Blog Attended Rain Camp

That is one of the reasons I recommend that the buyers use their own Title Company. That way they know the proper research has been done and the Title Company will stand behind the Title.
10:21pm • #2
741,859 Points 18 Featured Posts Outside Blog Called Shot Master

Pete,

Yes.

Kathy,

I agree.  In NC, we typically close with attorneys, so I recommend an attorney to buyers, unless they have one whom they know and use.
10:31pm • #3
1,499,868 Points 354 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Mike...

That's wjy an owner's title policy is a MUST, expecially with REO properties.
10:36pm • #4
741,859 Points 18 Featured Posts Outside Blog Called Shot Master

Richard,

Right.  I never thought of them as optional.
10:41pm • #5
MAR
07
2011
563,876 Points 17 Featured Posts Outside Blog Called Shot Master

Mike - sometimes, no matter how diligent we are, our client's don't win. I do agree with you on striking out those quit claim terms (on attorney's advice of course). We do need to protectt our clients. Yes, to buyer's title insurance. I have been 100% successful in getting my clients to purchase it over the past two years.
9:41am • #6
741,859 Points 18 Featured Posts Outside Blog Called Shot Master

Mike,

Thanks.

No question on the title insurance.  I don't have clients questioning the need.  Not at all.
12:46pm • #7

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Mike Jaquish 919-880-2769 Cary, NC, Real Estate

Realty Arts

Cary, NC

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