Profile picture for marinecorps230

i would like to do a legal contract for a reo,or forclosure bank property,with atleast a quit clam d

i want to finance ,with a legal contract for a 3or 4 bedroom house,with 100.00 down and 100.00 a month quit claim deed,would prefer flint michigan,or indiana,but will also take a property in detroit.please contact me also at du4ke@yahoo.com.my name is jesse williams
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December 21 2010 - Detroit
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Answers (3)

Profile picture for wetdawgs
A quit claim deed requires the property owner to have ownership so he/she can pass it on to you, and if they don't they are still are responsible for the debt.  This doesn't tend to be the case in a REO or foreclosure.

There are some very inexpensive properties in Detroit, but you may find it more effective to go through traditional channels of a standard downpayment and financing.
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December 21 2010
Profile picture for the_country_hick
Can you even rent anything for about that $100 a month? I would expect that your price is to low.

Maybe in detroit you could find something that low priced. Maybe not. At that price now you would get what you pay for. Try ebay. I saw one apartment building sell for around $600.
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December 21 2010
Profile picture for SoCal_Engr
What "cash in the XYZ real estate opportunity" did this come out of?

A few questions...

1)  If it's REO, why would the lender sell to you under those conditions?

2)  If the property is still owned by an individual, the quit claim deed can release ownership, but it doesn't release the original owner from their obligations. What does the owner get out of this deal?
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December 21 2010
 
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