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:
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.
Comments(7)