Dave: One exception that is in there is related to what is called marketability. So I got into tax deeds. Why don’t we send her another notice? Do they own it anymore? I started doing research. There were some pitfalls one was which make sure you control the title company. Welcome on board. While most home purchases are completed with very little hassle, some do involve issues with the title. It’s awesome. Dave: Correct. We’ll cooperate with Wells Fargo. I can’t use the technique like “you got a title problem so I don’t want to discount”. While a lot of people were sending letters I was knocking on the doors cause look I worked as a TV News Reporter and they would send us out to go know on other people’s doors and usually when I knock on the doors it was not good news. This is a national issue and again this is 15 years now that I left First American in 2000 and I started Tax Title Services, July 17th of 2000. Is that right? We had this tax deed like five years ago and then there’s this old Miami Dade county loan from the 80s for like $20,000. You can see that the foreclosing Attorney got notice, Wells Fargo got notice. I ended up proving myself wrong. Dave:  Thanks so much Sandra. The attorney is not on the hook in a quiet title, he’s got judgment. That’s a risky title to us so go hire an Attorney sue everybody, quiet or clear the title in court then come back, then we will feel comfortable to insure you. We’re seeing who wants to come out and sting whether it’s the former owner, whether it’s the mortgage companies, whoever has interest at the time of the tax sale even if they got notice you know they still maybe adversarial and we may step into a frivolous claim, so cause we talk about hierarchy of risk, this is all about risk. I was like, what, there’s no way that you can buy properties. Sandra: Dave, are there any other companies that are doing something similar the same thing because I’ve had students ask me sometimes, “Hey, there is another company that’s doing it.” How is your service different? So that was my concept. So within the first couple of months and I had locked up three deals, was making good money, was an amazing feeling to be able to make your own money that you made out of thin air appear. Purchasing Title Insurance So what I did was…. I remember the email said something about, “give her the key right away.”Cause they knew they were wrong. Sandra:  So that’s another consideration. In other states we’ve worked, we work for Stewart Title. I have seen your website, it’s really good, it’s got great information on there, you are always adding stuff to it. If I was doing the noticing on behalf of the tax collector and I see the notice was sent to Sandra and came back undelivered… well if I skip traced and used reasonable due diligence to find you and I found you somewhere else other than where the notice was sent and not delivered well now you’re a risk to us. How I looked at it is like a 401k. I’ve got students that come in from all over the country as well and probably even from Europe and other countries as well and they are buying all over the place from the details that we are teaching them. You have to take action. What about if there was a mortgage on the property? So after four years though most title companies will insure a tax deed in Florida. This title company is ready to insure you”. Understanding this process is crucial for real estate professionals, as it can be an incredibly effective way of establishing true ownership. You should have told Wells Fargo,” hey we got notice. They get all excited, I am going to change my life and it goes back on the shelf and the next time they get all stressed out and they want to change their lives they buy another book. Because now that’s not your problem, that’s our problem or the title insurance company. So my first deal, purchased a property on the Land’s Available list. So while I was doing that, I found out about ‘Rich Dad, Poor Dad’, Robert Kiyosaki’s book. So using predictable behavior what’s the risk of challenge Sandra? Now if you ever coming like alright I’m just going to step in and take that risk away from you, I feel you should feel more comfortable because I’m involved. If somebody else did it… by the way, we offer that service where it’s applicable. We get that same result in 30-60 days just by picking up phones and doing hands on curative work. I look forward to hearing from you. And back in 2004 the market was doing pretty well, you know, it hadn’t crashed so people were making some good money wholesaling and I was like there’s no way you can do this. This process is extremely important when title insurance is required for financing and when the specific provisions contained in MCL 211.79a regarding abandoned property purchased at a … Play the video and watch how I spot the potential motivated sellers. With an over attitude but by the time we do our job then you’re able to market it, sell it and its faster and cheaper alternative. Florida is our biggest state and we love Florida because there’s tax sale going on every day. And it wasn’t until I saw a fabulous deal for a printer that I realized I had sentimental value attached to that printer because it was the first bit of money that I actually earned in the real estate and it made me so proud to buy something with my own real estate money that I never got rid of that printer as long as I was in the business. So we arranged that, that lien would get paid off and we made an agreement with the county to pay it off in about a year which is the most I would think that it would take to sell a property. Let’s see how these two methods might apply in this situation: We had one other claim, like five or six years ago where Miami Dade County…. Dave:  you know what? You need to prepare the court documents and present the case that you are not responsible for these debts. Will your client cooperate? You will then fax us the purchase agreement which then we will set up at closing for you with our title agent, our vendors and then they are insuring you and your buyer. In this interview, Dave guides us through the process and explains what maybe the fastest and easiest way to get title insurance on your tax deeds. There are two main things that he talked about; one was ‘join your local real estate investors association and I did that and then he also talked about wholesaling and I also did that. I wonder, why do they keep bidding? A quiet title lawsuit starts, as do most of our cases, with the sale of property. So that’s it, you’re still in your right. There is a four-year-old in Florida for people buying in Florida it is after four years, is called a statute limitations period meaning after four years, the former owners and mortgage companies can’t attack the title. A title search is generally conducted for purposes of obtaining title insurance, which protects the buyer and the buyer’s mortgage provider from financial loss if the seller doesn’t have clear title. I always give the analogy that you can’t have your hand closed and expect something to come in it. Feel free to email me any of your questions and my staff or I would be glad to help you in any way we can whether it’s an investment question or whether it’s a title question or a tax deed question or even to find out when standard events are. I wanted to prove that you couldn’t. Could you live off 20 grand a month? That’s how they make their living. What can we do to make the process easier? That’s the cost second, the title search, we have to bite the title search for you, a title client which is used for your insurance if we are able to certify you’re not paying for two title searches, our skip tracing… So you are looking at an average of $1600-$2300 on average. Not in Florida, You don’t need us there. Dave:  It’s called cross collateralization, Dave: It’s called cross collateralization, Sandra:  Yes once they have the lien on one property in a county, they attach his address to everything. It’s called ‘Rich Dad, Poor Dad’, What He Rich Teach Their Kids About Money That The Poor And Middle Class Do Not, and that inspired me cause first by the title I thought this is probably going to tell me why my credit’s horrible and why I’m not being successful, why I’ll never be successful, but actually it was very aspirational and it also showed me how to become a better person and make the money and become an Entrepreneur. Dave:  Heck yeah right. “Hey Mr. Home Owner for 500 buck you’re going to lose this property anyways how about you authorize the release form so I can actually talk to Wells Fargo? Now you’d have to do that with mortgages as well and that’s not always practical. The company that owned it owns six of the parcels surrounding it as well so there was this lien that we missed that was against another property of theirs. Tax Title Services – Company I have used to get marketable title on a tax deed in 30-45 days without having to do a quiet title action. What’s 20 houses times a $1000? So allowed me to step in and build my national ability to do this through them. Morbidly? Now that’s hard. If I don’t speak their language, they’re not going to pay attention to me or they’re going to go,” you don’t know what you’re talking about. Using kind of common sense and predictable behaviors, what happen to the owners? They lose that right so for four years our service eliminates the four years but it comes with… Your marketability to shop your title around and get future insurance on that is going to go through the insuring title company because we can’t guarantee you that old Republic or Attorneys will insure you again. Would you need social security? Sandra:  Exactly the same thing. Make sure nobody else can see it but have it in front of you and do not go… like I actually do ranges. On my website www.QueenOfTaxdDeeds.com, I’ll have a special section for the podcast with show notes which will include some links, transcripts, some, you know outlines of what we have discussed. You have to take some action. I had been self-instructed I invest in tax deeds and I’ve been doing it since 1995 so I’m one of you guys. That’s never going to change. It’s not as though I had something and I bought it at a reduced price and turned around and sold it. So we’ve got… That helps. We are able to certify within 30 days. Well the owners are just waiting for the mortgage company to kick them out because they’re in foreclosure. That’s how I assess my risk to find out, friend or foe here. They didn’t have to go from state to state or county to county and that was brand new and that defog group was started by me with a laptop in a one man office. How to Make 10,000 Offers a Week in Less Than an Hour. Obviously Philipe has done most of yours but one of us will speak at your events, that will be another time that you guys can pick our brains. Again, we recommend that you do not sell your property until we’ve done our job because if we put you in a buyback or a workout with an adversarial party who could overturn your tax sale or take your titles from you, you are upsetting your realtors who found a buyer and they are not going to be too happy when you can perform even though the contract says “subject to title” or whatever. You had to be able to speak a certain language. Tax Title Services, INC. is a California-based company that has been enabling tax lien/deed investors to obtain title insurance on their tax deed properties without having to hire an attorney to file a quiet title … At the same time that comes just from knowledge and all that. Dave: That’s the knowledge base sale. The house is new. Sandra: Oh yes because already talking to you, you are a treasure trove of information. So there is caveats to Florida and South Carolina is you want to pay for the title insurance for the buyer. What’s title insurance? They do happen to play the game long enough. This is just recommendations that I have seen clients, what I have seen you do Sandra, is you want to control the transaction, you want the buyer –, “Mr. Dave: You nailed it. Schumacher is a trailblazer in the title industry who created a product that allows real estate investors to get title insurance less than 2 months after tax deed auction purchase. I know how to work my way around, get the information that I need. www.taxtitleservices.com. When I first got started that’s how I was able to tell what I could sell a property for. My intention is always to help people, help as many people as I can. I even tell them approach the investor; ask them, what’s your plan? Palm Beach County contest that. After doing some title research and ownership research on me, was convinced that it’s a better way to go, especially since I was prepared to recommend my paralegal who can do all the work at a fraction of the cost of a lawyer, assist in communication with the court. We don’t trust that that noticing is always done right. Hey Sandra, you didn’t pay your property taxes means the tax collector is foreclosing on you and you have this amount of time to pay your taxes and if you don’t we’re going to sell it to an investor who’s going to pay those taxes cause we need that tax money to run our hospitals and pave our roads and run our schools. So I would come in at 6 in the morning and from 6 – 8am I would punch out my quota on the easy searches and then I’d rock my brain, research pieces on mortgage foreclosures and commercial and I mastered that and became the expert for the company which eventually to them… My boss being asked who is your best mortgage foreclosing title searcher cause we’re starting this brand new national title unit and mortgage foreclosures, who is that? I say it’s more like a non-judicial quiet title because you’re basically going through and doing the same thing the Judge would do in quiet title case. I remember I use to get nervous and it took me like a while to get over the nervousness, bidding at the auction cause it was like ok I’m committing. So then I would make sure I picked my own title company cause the first deal I didn’t and I learned the hard way why it’s important to control the title company. Looks like a notice was sent to you and not delivered. Drove by the property, nobody is there.” Or, “Actually I did speak to the occupants, then you about the tax sale. It was for another property that he owned. You think after 15 years the title companies would feel comfortable. You’re like, are they going to stop? I think I may have probably been in the business two or three years when I found Dave by just doing a search on line and it’s probably one of the best things I ever found. They got a full price contract for172,000. I learnt how to create these products and I started my own company. Why didn’t they pay taxes and stop the sale? So the point then is whoever did that noticing. Please leave a review on iTunes and don’t forget to check out the show notes on www.QueenOfTaxDeeds.com. It’s always, if you buy it right and don’t commit… I’m sure you teach that and…. On the second day we go an actual auction but I always tell the students, “listen you are not going to learn to do this until you actually go to a sale especially after you’ve done the training and you’ve learned about it. About 20% of these when we go through this vetting process; it’s a vet where we call slap in the bee eye. Morbidly, because when my buyer can do a title search and then seek a judicial ruling, he beats the title insurer at their own game. The government or anybody can take a property from you without giving you legal notice to your right. At around the same time that I was wholesaling I got into tax deeds so that’s what the whole thing is about. Sandra:  Why? A quiet title action is a legal procedure that seeks to “quiet” claims to the property, so that an owner is guaranteed a clear title. The only people you can sell it to are those who have all cash and not everybody has all cash especially if you picked up a house… I‘ve bought tax deeds many tax deeds in Florida mostly houses and your buyer are going to want to use a loan and not going to pay all cash so that’s why you want title insurance so your lender will lend to your buyer and that opens up your market place to other buyers. Dave: Well we are the pioneer. So then you contact them again you could do this in court by suing them but why don’t you just pick up the phone or we will. Sandra:  Yea, they’re quite a few states like that and Florida luckily you don’t have to do the noticing yourself. Your host is Sandra Edmond, a Real Estate Investor, Entrepreneur, Realtor and Tax Deeds expert since 2004. So the reason is we have been around for 15 years, they have not been around that long. Florida, Sanders state is a judicial foreclosure state. Sandra:  And you were pretty high up in First American. We’re good guys. I wish that could come cross more with the industry. So if you’re just new or just getting into this, you’re going to have a great time. This was Palm Beach County. But the concept again was I wanted to retire….. You just can’t sit by and think, I’ve got to learn everything I can before I get started in this business. I would contact the owners by knocking on their doors. It still doesn’t because there’s always some…. Tell us a little bit about what we need to do and also the fees you already went over, it’s 750 and then it’s a sliding scale from there? A tale of two buyers. You’re not sure what to do but three or four months later if you attended auctions you’re actually now bidding, you see how it works and you get comfortable. Dave: We have had, we’ve total cold lien showed up and we missed that and we wrote that but that wasn’t really… We don’t consider that the claim. 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