Posted on: 22nd Sep, 2009 12:47 pm
my realtor has reccomended i do a quit claim deed to purchase a property. the owner wants $5k and then i assume the loan. i have been told my greatist risk is if the bank calls in the loan instead of transfering it to my name. what additional risks are there in doing this and is it possible for me to lose the house or for the original owner to take it back thus resulting in a loss of my 5k?
a realtor recommended this??? in my opinion, there's no way you should accept a quit claim deed from a non-family member for the purchase of real estate. are you simply trying to take over the person's loan? without doubt the bank wont' transfer the loan to you. you're being used here, i think.