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Quit Claim Deed from the bank???

Posted on: Sat, 04/04/2009 - 13:26
Quit Claim Deed from the bank???

Hello all my fellow DG family,
I have a question that I know will be able to be answered here. I was wondering how I can get the bank to give me a quit claim deed on an REO property instead of a warranty deed to avoid any POS money to be paid.(I would like to get in have it repaired and sold within 30 days.) Is this as simple as asking for this in my offer via an addendum? Previously I have taken the warranty deed and in some instances had to put 150% of repairs in escrow. Obviously I would love to avoid this any advice you can give will be appreciated.

Thanks in Advance...

Matthew

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Posted on: Sat, 04/04/2009 - 13:54 #1
mjmarino412

What state do you live in? I've never heard of escrow requiring repair costs. Did a HML give you the loan?


Posted on: Sat, 04/04/2009 - 14:09 #2
Quit claim

I live in Cleveland Ohio. No loans all cash, in certian areas of the city the have deemed it a revitalization area requiring POS monies equal to 150% of estimated repair costs be placed in escrow.