Can A Real Estate Investor Explain Quit Claim Deeds?

Color me surprised you don't know something.

These are pretty common in REO properties. Basically a bank wants to get rid of a property but they don't know the title history of the property. Typically sold below market because they make no "warranties" (as would be typical in a warranty deed) and there is more risk to the purchaser.

In this case, it sounds like there is a lien on the property from a mortgage entered into by a former owner. I'd guess that means you're responsible for either paying the outstanding mortgage or working it out with the bank. You may also have to get a lawyer to work on getting you "clear title". This is typically a cost associated with tax sales. These properties may have been purchased by a tax sale and never received clear title (and the previous mortgage was never paid off). I'd contact an attorney (definitely not just a realtor) before purchasing anything.

Thanks for the input

With a quitclaim deed, the Grantor conveys the Grantee all of the Grantor's interest in the property, if any, with no warranty as to the interest being conveyed.
If the Grantor is the full owner of the property, then a quitclaim would make you the new full owner. If the Grantor owns 1%, you now own 1% and have no recourse.

In this case the Owner probably holds subject to a ~$140K mortgage (based on your description of value vs listing). If you are comfortable with the Owner's title outside of the mortgage and the mortgage is for less than $140K, it could still be a good investment.