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Can we use a Quit Claim Deed in a Short Sale to get on title if we are paying what We got approved in our negotiations with the Lender?

Posted on: 14th May, 2010 09:10 pm
can you use a quit claim deed in a short sale when you negotiated & obtained an approved short and are not the individual with the defaulted loan. i know that the defaulting owner can't benefit financially from a short sale. we have a transactional lender with cash that has put money in escrow but won't release it until our end buyer puts their money up in escrow to show they're serious. the end buyer and their lender say, "no way, not until we show up on title". they went on to say they don't want their funds used for the a-b transaction. please note we have been doing short sale flips for 7 years and for the past 2 have been using the same forms, disclosures and procedures and have had 5 title companies review these all and approve them last year so that we could do business with a number of title companies in tx. 3 of the 5 are national title companies. any suggestions besides getting an extension which we're already doing. also, did i mention that the end buyer has been marketing the property on their website and in other media, which we have a poa on and a contract that gives us the consent & right to enter into negotiations, market for sale or lease to a third party for a profit, since 5/7 and they are advertising it on their website for $35k more then they contracted to buy it from us. they're also saying it rents for $1350/mo. any suggestions?

signed:

stabbed in the back by a two tailed huckster.
Welcome reicompass,

As far as I can understand your situation, you will be able to use a quit claim deed to transfer the property to the buyer. However, it would better if you could contact an attorney and take his opinion in this matter.
Posted on: 16th May, 2010 09:35 pm
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