My neighbors came by to tell me they were getting a divorce. Being a sensitive person, I asked, “What are you going to do with the house?” They said, “Give it to the bank.” So I said, “If you are giving it away, give it to me.” They said, “Okay.”
I called my friend who is a notary to come over. I typed up a contract saying I could have the house for the balance owed, a quitclaim deed, and a Release of Information form. They signed all the papers. The next day, I recorded the quitclaim deed, then called my Realtor friend and signed a contract with him to sell it.
That was a month ago. We closed today, and I brought home a check for $16,000. This may only happen once in a lifetime, but if you ask, you may get a good answer. It also helps to know the value of the property, especially if the owner doesn’t.