A seller who financed their property through seller financing is wondering if they can take a quitclaim deed back from a buyer who can no longer make payments However, this approach carries significant risks. Accepting a deed in lieu of foreclosure could trigger substantial documentary taxes, and there’s a risk of the borrower declaring bankruptcy. Additionally, other creditors might have liens on the property, and there could be code enforcement violations to address.
️ In this Ask Joe Anything episode, attorney Joe Seagle advises real estate investors to carefully calculate the documentary taxes and consider foreclosure as a more secure option. Before proceeding, it’s essential to conduct a thorough lien search and have an attorney prepare a deed in lieu package, including a solvency affidavit, to protect your interests. Watch the full episode now to learn how to safeguard your seller-financed deals!
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