[realestatekelly]

HI. We have been trying to negotiate a short sale for a property in foreclosure. We have a signed contract from the wife. Her ex-husband, also on the title and loan, has not been in contact with her or even his own family for years. (Wife didn't even know they were divorced, but I found online documentation of the final judgement of dissolution of marriage in another county). I've skip traced him twice, called all his family, and can't find him. (Our intention was to have him sign a quit claim) All of the skip tracers have his current address as being the one with his ex-wife. The bank has also documented that they tried to serve him papers and couldn't. It has been suggested that the wife file a "quiet title." My questions are:
1. Is the most appropriate action in this case?
2. What is the typical cost? (I am wondering if it's even worth it to continue)
3. How long does this usually take? (The auction is scheduled for two weeks from now.)

I appreciate your suggestions.

[excon]

Hello real:

Couple of things that don't have a great deal to do with your question. But, you asked...

In fact, I don't know what a quiet title action is. I can guess, of course, and I guess that it will serve your purpose. I also guess that it can be filed in a matter of 20 minutes, at minimal cost.

But, you did ask whether it's worth it to continue, and there are other factors to consider, other than the filing fee. Here's what I have to say about that: Thing 1) the business you've chosen to go into is the alligator pit of real estate. IF you're an alligator who is bigger and badder than the rest, then you can make BIG bucks. If you're not, you can lose BIG bucks. Given your question, I gather that you're really not a big alligator or you'd know the answer to your question.

Thing 2) if I'm wrong about your cunning ways, and you're ready for the big time, then be aware that the ex husband can arise from the land of the lost, and screw up your deal. He can even do it way down the road. Ok, that doesn't mean that he WILL do it - only that he can. If you're willing to factor THAT risk into an already risky situation, and you make certain that you're paid well for the risk you're taking, then go for it.

excon

[realestatekelly]

You say this is the alligator pit- I disagree. I think it can be, if you are an alligator. This particular woman is in a dilipidated house that's over-mortgaged and in such disrepair she couldn't sell it if she tried. She will be moved by the sheriff whether we help her or not. There's no equity in her house, so we're petitioning the bank to cut the loan, but if we didn't, she'd have a foreclosure on her. Instead of that, we've found her a rent-to-own home and are paying for her credit repair and she'll be able to own a home again within a year. Obviously, you have some issues. I wonder how you'd feel about a real estate investor if you were living next door to a rat infested pit that was bringing down your property values, or if you had horrible credit and couldn't figure out a way to own a home or if you broke your back and couldn't sell your house and no one wanted it because it looked so nasty and all you wanted was a clean start.

Oh, and by the way, you're right. Your response had nothing whatesoever to do with my question, so why don't you find something you know soemthing about and respond to that!

[excon]

Your response had nothing whatesoever to do with my question, so why don't you find something you know soemthing about and respond to that!

Hello again, real:

Because I'm bored, and you asked... It's a public board. You're free to ignore what I say.

However, you misunderstood my answer. Maybe it's YOU who has issues. I make no judgments on what you do. If you provide a service that someone needs, great. It's the American way. It's capitalism. I'm a capitalist. I only point out the risk. I say alligator, not because of the poor people who find themselves in trouble, but of the people trying to make a buck off them. You're in that category. You're not doing this because you're a wonderful person; let's call a spade a spade.

But, I'm cool with that. I, only point out the downside of your potential investment. Often times, people who are about to lose a great deal of money don't want to hear the kind of message I bring. Well, I'm not here to make friends, just tell the truth.

IF you've considered ALL the risks involved, go for it (what I said earlier). What is unsupportive of you or your chosen line of work, about that?

excon

[Dr D]

In a short sale the lender is in the driver's seat, because they have to decide if a foreclosure or accepting less than owed is best for them. The lender can postpone or cancel the Trustee Sale. If you pay cash, you SHOULD get an owner's title insurance policy for your protection. If you secure a mortgage for this purchase, your lender will require an ALTA (lender's) policy. The title company will determine if the existing documentation is sufficient for them to provide the policies. If a quiet title action is needed, that should be at the seller's expense. You may wish to consult a good Real Estate Attorney for more detailed information. Good luck.

[realestatekelly]

If an alligator is someone "making a buck" off someone else, pretty much everyone is an alligator, lawyers (plantiffs and defendants can be considered "poor people finding themselves in trouble), doctors, store owners. IMO, an alligator is someone making a buck to someone else's detriment, someone so focused on making the big buck that they don't care if they have to plow someone over to do it. That isn't me or what I do. As to not doing what I do because I'm a wonderful person, well, how would you know? I do this because I like making ugly things pretty again. I do it because I like the problem solving aspect. And I do it because it can make a nice living.

About the ex coming back later and screwing up the deal, well, that is WHY you file a quiet title. It is an publicly posted action asking for any person's with an interest in the property to claim their interest. If they don't, their interest in the property is "quieted" and you get a clear title. You file a quiet action when you buy a tax deed so you can clean up the title. It was suggested to me that it might work in this case, and I figured people would post if they had done it before.

[Fr_Chuck]

From a legal standpoint, it would be better to let it be foreclosed, and then buy it from them.

The issue is of course that even an action to quiet title while valid, still leaves some issues. And of course if she is so poor she is losing her home, most likely she does not have money for this action either.

And you need to see if you can buy title insurance on it, with this action, since I would not walk into this without it.

Saving a few thousand now, to risk court later just is not woth it.

Opinion anyway

[realestatekelly]

I contacted an old RE lawyer friend and asked- she said the cost runs anywhere from $2500 and up, especially considering the cost of publishing it in the newspaper for at least two weeks. She also said, best case, it'd take 3 months, wortst case, as much as 6 months, until it'd be finalized. She said it would clear the title, but in her opinion (and I agree) would take more time and money than it's be worth, either for the woman or us. Wanted to post the update. We'll try a lower bid at auction (which won't fly) and then submit an offer to the REO agent. At least we'll be in an informed position when it gets to that point. Althugh, the search for her ex isn't over yet.

[FLInvestor]

Where are you located, realestatekelly?

I can only with accuracy speak about Florida, but you can get a Quiet Title action done for about $550.00, but it will take at about 60 days. If you are in Florida, let me know and I will direct you to the proper people.

HTH,

Matt

[MK_TaxDeed]

Where are you located, realestatekelly?

I can only with accuracy speak about Florida, but you can get a Quiet Title action done for about $550.00, but it will take at about 60 days. If you are in Florida, let me know and I will direct you to the proper people.

HTH,

Matt

Hello Matt,

I acquired a tax deed at an aution about 12 months ago in Labelle Florida. I saw your response to realestatekelly and am interested in finding out how I can get the Quiet Title action for about the $550.00 you mentioned. I am urgently in need of getting this done, but the attorney's price quote are in the region of $1,500 - $3,000.

Please send more information to my email address => [email protected]

Your help would be greatly appreciated.

[kjgearhart]

Where are you located, realestatekelly?

I can only with accuracy speak about Florida, but you can get a Quiet Title action done for about $550.00, but it will take at about 60 days. If you are in Florida, let me know and I will direct you to the proper people.

HTH,

Matt

I would like more information.

[peeking]

Looking for a motivated, experienced and HONEST AZ attorney for help with two tax lien foreclosures. I've made the phone calls & spoken with the worst & most expensive. Looking for someone with talent & integrity.

[Alice Maria]

Where are you located, realestatekelly?

I can only with accuracy speak about Florida, but you can get a Quiet Title action done for about $550.00, but it will take at about 60 days. If you are in Florida, let me know and I will direct you to the proper people.

HTH,

Matt

Could you tell me the phone number and name of that person please? I need to get a quiet title action. Thanks

[MrInvestor]

Where are you located, realestatekelly?

I can only with accuracy speak about Florida, but you can get a Quiet Title action done for about $550.00, but it will take at about 60 days. If you are in Florida, let me know and I will direct you to the proper people.

HTH,

Matt

THIS QUESTION IS FOR MATT...

Hi Matt,

I'm located in the State of Florida and I need to find someone to do the quiet tittle in 60 days for me. I've tried different attorneys, but no one seems capable of doing it. Can you please direct me to the right people?

Thanks,

Mr Investor

[and-con]

Right there with Mr investor, I would love a quiet title action in 60 days for $550 feel free to email me regarding a firm who does this [email protected]