Have anyone heard of or doon a quick claim deed deal before.

Great to hear you have the additude for success, like Jack Nicolson in movie Hoffa, was quoted for saying; " If everybody keeps telling me I'm wrong then I must be right G/D-it.)
I have known people in your very same sitiation, and although I am no expert at it, I can atleast tell you what they did.

Draw up a marketing plan, a budget for repairs that will be needed, and apply for a Government ( Home Repair ) grant. A grant not a government loan.

I have known a number of people who went this route and it worked well for them. Just make sure you hire yourself a good Contractor from the area, someone who knows the market and someone you can depend on for accuracy.
There should be many Contractors out there willing to give you a free estimate on the work needed. Get as many as of them as you can, if they all seem to agree on the same ( Repair work that is going to be needed ) then concentrate your efforts on the cost of these repairs as the reason for needing this Grant. You may even want to submit one of the estimates in with your budget along with your marketing plan if you want them to take you serious. The information you acquire from all of the various Contractors is going to be your reason for applying for the grant in the first place.
So make as air tight as you can. Dont get discouraged if they turn you down the first time, try try again. Good luck to you and a very happy New Year.

The first thing of all that you need to do is your due diligence on this property! Meaning you need to check to see if there are any liens filed against the property and that the title is clear. This not only includes any types of mortgages, but also tax liens, any city liens for any violations or mechanics' liens, etc.

Sometimes, what we think is a good deal can really be that we just purchased someone else's headache. If you bought the property, you bought the liens!

Hope it all works out well.

Karen

As usual, Karen is right. I'm sure she and I are happy you're moving forward and not letting naysayers hold you back, but you're deal does bring up something that everyone should be aware of, and that is to always do your due diligence before going into a deal. I know some people don't seem to like realtors very much here although Dean teaches that everyone should have one on their team, but a realtor can help you do you due diligence, and it is important to know if there are any liens on a property for purchasing it whether it be an auction property, etc. Also, it's important to know who's in what lien position. If that's you, and you're purchasing a property and the first position lien, then you are in good shape.

Before you buy you want to know if there are any Liens, etc. Research a property before you buy next time. Perhaps your family was not discouraging you, but trying to tell you to check things out before you buy.

Quit Claim is a form that the owner signs over any/all rights and/or interest in the property.
see link
http://www.deangraziosi.com/node/3046
Also use search box under Deans chin (top left)

I will the follow the steps you advice me to take in getting a government home repair grant. I'm going take action thank you for taking the time out to write a responds to me.

I Should of done more investigation on the property and check things out before bidding on it. I will know better when I bid on my next house I come across. I just hope and pray the tile is good and other things that can go wrong if not it a lesson learn for me. "But will check it out.

Karen is correct, but remember there can be a lien/judgement/mortgage on the property despite checking county records; have a title company due a pre-lim search first. I bought a property at auction, checked the county clerk's website as I did countless times before & found nothing. After wining the bid & paying for the property, when I was about to resell it the title co. found a mortgage ... some lawyer forgot to record it in the county courthouse, but did record it thru the state capitol courthouse ... Needless to say it took 2 yrs & $ 5000 using a lawyer to get clear title ... And, the value of the property went from 70K down to 10K. We have over 30K into it so I'm just holding to see if the value comes back, if not we'll just leave it to our son. This was after us doing 25 to 30 deals so we thought we knew what we were doing.
Now after doing over 60 deals, we only buy foreclosures via a special warranty deed.

Hi Ellen your taking action thats good but check out these types of properties ahead of time and and do your due diligence it can save you alot of time and money, Jim

Some states do not have or do not allow Quit Claim Deeds.

I hope there are no problems, Daisy; you may still be OK.

If I were to go any auction and place bid, even if I were only spending $500, I would double check a lot of things before bidding. It's better to spend that money on a title search than it is to loose the house right after you buy it because of a tax lien or any number of other things. You can also check with the auctioneer about encumbrances. It never hurts to ask.

Im ok Rickin Amarillo, thank-you for your concern you are very helpful and I thank you for that. Before I do anything my first move would be to check the title of the property this is just a learning experience for me. I would take steps to fix it if their any problem that come up, But will keep you updated. Have a happy New Year to you and family.

Thank-you, I agree I would do alot more research on any more investment deals I come across Happy holiday to you and family.

I agree with both of y'all, I Greatly thank you for taking the timeout to share your experience and knowledge with me. This is my first deal, I have very little experience in real estate investing but plan to educate myself more.

Buying auction property is risky, but especially with out investigation anything which I have done. I'm sorry to hear this happen to you , but will take your advice and learn from your experience happy holidays.

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