Bird Dogs Get There First
Jack Butala: Bird Dogs Get There First. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hi.
Jack Butala: Welcome to our show. In this episode, Jill and I talk about bird dogs, that is us, and hopefully you how we get there first. Great show today Jill. Let's take a question posted by one of our members on Successplant.com, our free online community.
Jill DeWit: Okay. Gary asked, "My first deal was just about to go through, and the guy calls me and asks about the type of deed. I explained what a special warranty deed is, and then he went on to tell me about how he bought it from a tax sale, and the previous owners want it back. Is there something wrong with the title, and it cannot be insured until 10 years or so? He wants to make sure the special warranty deed doesn't hold him liable after the sale. He wants to do a quick claim deed. It is in Colorado, and I am paying $1500".
Jack Butala: What are your initial thoughts on this?
Jill DeWit: That the previous owner does not have a leg to stand on.
Jack Butala: Well let me-
Jill DeWit: It is is a little too late for that now.
Jack Butala: Let me just bring it to the third grade/ Sesame Street level here. Somebody owned this property, and they didn't pay the taxes for a super long time. The county took it back, and it went to a tax sale, and somebody bought it, probably the guy who is selling it to Gary here. Well the people who didn't pay the taxes for a really long time, apparently want it back, and they are probably going to have difficult, to and impossible time getting it back because the protocol it is statutory. The state's statutes mandate how these properties go back and forth through ownership, but that doesn't change the fact that they want it back.
This is my advice, and this is exactly what I would do, I would close the file on this, and I would walk away. There is so many deals out there you can go through, and Jill has said it a million times, why go through the headache of a property even you are right, when all you have got to do is send out more mail to get more deals? That is what I would do here.
Jill DeWit: I have another idea too.
Jack Butala: That is the background here, and this happens once in a great while. He is wrapping it all up in a question about special warranty deeds, versus warranty deeds, versus I think treasurer's deeds or quick claim, which I am going to explain the definitions here very briefly in a second, but go ahead Jill.
Jill DeWit: My other thought was, okay big picture, if they really want this property back there are going to be attorneys involved. Attorneys can be expensive to probably go with the county and try to get it back, don't you think? There is going to be some time-
Jack Butala: A lot more expensive than $1500.
Jill DeWit: That is what I was thinking. Here is my thing, I might sell it back to them.
Jack Butala: Beautiful Jill, that is the perfect solution to this.
Jill DeWit: He could buy it, and own it, and sell it right back to them.
Jack Butala: Jill's solution is awesome, but here is, in my opinion, one of the flaws with that, now you are doing a deal. What? I thought we were supposed to sit here and do deals all day? Do you want to go to do a special deal, and make 15... No, you send a bunch of mail out, have easy, simple transactions to do that don't involve stuff like this. The seller signs a purchase agreement, you do the deal, and you put it in your marketing machine and sell it. Those are the kinds of deals we are here to do. We are not here to talk about my aunt wants the property back, but my cousin is in... You might as well just go like a real estate deal as a real e...