A homeowner purchased a home with his fiance and they eventually broke up and is wondering if a quit claim deed will work. A quit claim deed will remove him from the title, but not from the mortgage. You cannot remove your name on the mortgage loan unless you sell the house or refinance the mortgage.
The real estate market is operating in favor of buyers, so sellers have to be patient until the market improves. If you're a seller with property you're anxious to sell, waiting for the market to swing back will certainly pay off. But the caveat is that the market may come back stronger in some places than others.
It's entirely possible that the U.S. won't return to a seller's market until sometime next year or later. The only wrinkle is that next year is a presidential election year and often, the housing market will slow while citizens consider who is running for office and what effect that is likely to have on the national, and local, economies.
A son bought a home for his financially-troubled father 10 years ago because the father wouldn't qualify for a mortgage. His father now wants him to quit claim the property to him but the son wants to sell to get out of the mortgage mess. The son has limited options for getting his name off the mortgage and still taking care of his father.
A divorced man has been asked by his ex-wife to sign a quit claim deed to the home they own together. But their divorce decree says the wife must sell or refinance the home within five years of the divorce. Signing a quit claim deed will give up any rights to the property, so he should wait until the home is refinanced to sign the quit claim deed.
While the average commission for a real estate agent used to be 6 percent, or 3 percent per side of a transaction, the average commission rate has dropped significantly over the past few years. One reason is that the cost of doing business as a real estate agent has increased along with competition. Even in a buyer's market, real estate agents earn their commissions because it takes a long time to sell property.
