Investing in Real Estate But A Bit Freaked Out. Please, help Reddit!
I'm looking to buy a cheap peice of land near my college to live on. The university is a bit in the sticks, so land is fairly cheap. Here's where I'm at:
I saw a posting on Craigslist for a bit over a half acre for $2,400. I sent the listed number a text, and I also Googled the phone number. It belongs to a lawyer who runs a tax lien agency. I offered $2,000 on Friday, and lawyer man said he would contact the owner. The owner agreed to the price today, but they want to do a quitclaim deed.
The lawyer is going to act as the is intermediary party. He wants me to send a cashiers check to him, in the name of the land owner, and he will do the swap once he gets the deed.
I double checked online, and the owner is indeed the owner, but there is no guarentee with a quitclaim (right?) in case some one else happens to also have a claim to the land.
Am I setting myself up for trouble?
Other Info: Lawyer guy claims that the owner got the land via a tax deed.
The last sale of the property (to the curren owner), according to the internet, was not at arms length.
I'm working on checking back taxes.
Posted Jun 24, 2012, 1:09 AM UTC