Seems like people always get distracted from the dangers by the lure of big margins.
Title insurance is key when buying property. I also strongly suggest a recent survey. I have run across I don’t know how many easements and other encumbrances missed by title. You will also find many items listed in title that do not affect or have been vacated. Title will also insure mineral rights and leases.I realize most people value all real estate agents as though they were the average agent.
Just this week I was asked to help another agent by my client. He's someone that thought agents were not worth their money. Well, he chose not to listen to me when I said, "I don't recommend buying a For Sale By Owner without at least one of the sides is a licensed agent and to ensure that it's an insured transaction. Well, he didn't listen and now his home is owned by the seller's sister in law. Long and short of it. They did not get title insurance (the title insurance company would have cleared this up before the owners passed).
Turns out the quit claim deed was filled out signed in his nick name and the notary they used couldn't have used their license as the one issued by this state clearly is in another name. Oh yeah, and now it will have to go through TWO probates before it is settled. My title attorney says it may be cheaper for him to walk away and let it go to the state!
Right now I am waiting in my office for an agent that wants me to do their deal for them since it's their family and they can't do that with our Insurance carrier due to potential fraud. In 15 minutes of looking into it, I found out the lender never knew about 10k coming from the seller (considered fraud) and, the fully executed contract they handed me only lists one of the owners and it is owned by two unmarried people. Neither the Listing Agent or the Agent that has asked me to help bothered to look up in public records to ensure the owner was the right guy. That is one of the first things I do before I even write the offer. LAZY OVERPAID DOUCHEBAGS in my book.
Looks like my deeply discounted help, just turned into a higher fee and much more work.
50% of the people in my biz should have their licenses revoked.
I realize most people value all real estate agents as though they were the average agent.
Just this week I was asked to help another agent by my client. He's someone that thought agents were not worth their money. Well, he chose not to listen to me when I said, "I don't recommend buying a For Sale By Owner without at least one of the sides is a licensed agent and to ensure that it's an insured transaction. Well, he didn't listen and now his home is owned by the seller's sister in law. Long and short of it. They did not get title insurance (the title insurance company would have cleared this up before the owners passed).
Turns out the quit claim deed was filled out signed in his nick name and the notary they used couldn't have used their license as the one issued by this state clearly is in another name. Oh yeah, and now it will have to go through TWO probates before it is settled. My title attorney says it may be cheaper for him to walk away and let it go to the state!
Right now I am waiting in my office for an agent that wants me to do their deal for them since it's their family and they can't do that with our Insurance carrier due to potential fraud. In 15 minutes of looking into it, I found out the lender never knew about 10k coming from the seller (considered fraud) and, the fully executed contract they handed me only lists one of the owners and it is owned by two unmarried people. Neither the Listing Agent or the Agent that has asked me to help bothered to look up in public records to ensure the owner was the right guy. That is one of the first things I do before I even write the offer. LAZY OVERPAID DOUCHEBAGS in my book.
Looks like my deeply discounted help, just turned into a higher fee and much more work.
50% of the people in my biz should have their licenses revoked.
Title insurance is key when buying property. I also strongly suggest a recent survey. I have run across I don’t know how many easements and other encumbrances missed by title. You will also find many items listed in title that do not affect or have been vacated. Title will also insure mineral rights and leases.
I recently did an ALTA/NSPS Survey where the attorney for the buyer was from California. In typical commie fashion they can’t understand anything simple and had to over complicate it. The site was a construction site and as such nothing was completed. They had me show items to be built and color code all easement to match the schedule B exceptions. Being a surveyor worth my salt I put a big ass note stating “Items shown in gray are per engineering plans and had not been constructed at time of survey.”