Sending Offers to Owners for Too Much
Jack Butala: Sending Offers to Owners for Too Much. Leave us your feedback for this podcast on iTunes and 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: Hello.
Jack Butala: Welcome to our show today.
Jill DeWit: Thank you. I'm happy to be here.
Jack Butala: In this episode, Jill and I talk about sending offers to owners for too much money. I made a mistake in my offering, and what's going to happen next.
Jill DeWit: Oops.
Jack Butala: Before we get into it, let's take a question posted by one of our members on the landacademy.com online community. It's free.
Jill DeWit: Okay. Pat asks this question. It's a good question. "What is a deed of conveyance? The seller showed me his deed named deed of conveyance with no warranties expressed. Is this the same as a quick claim deed?" Awesome question. Do you mind if I jump in Pat? Pat? Jack? What's your name?
Jack Butala: "Who's that guy?"
Jill DeWit: I know.
Jack Butala: "Who the hell is that guy in my life?"
Jill DeWit: Hey you, do you mind if I go? All right.
Jack Butala: You know what this reminds me of? That story that one of our friends was telling us recently that they sent their kid to school for the first time and they'd been calling them cutie for so long, he didn't even know his name was, whatever.
Jill DeWit: Exactly.
Jack Butala: Isn't that funny?
Jill DeWit: Yeah. There was some situation where he was running the wrong direction or something, and everybody's calling him and he didn't turn around, so they sent him home with a note pinned on him that said, "Your kid doesn't know his name." It's like they call him a nickname.
Jack Butala: Yeah, like cutie or something. Who knows?
Jill DeWit: Something like that.
Jack Butala: Yeah, because he's little.
Jill DeWit: Honey, sweetie, whatever, and yeah, he didn't know his name.
Jack Butala: Why is this so funny?
Jill DeWit: I don't know, that's so funny. We've done that.
Jack Butala: Stuff like that can happen so easy.
Jill DeWit: With our number one, number two, number three, we even as we're talking and they're sitting right there, "Well ask number three." I don't know. Number three, if I said, "Hey number three," I bet he would turn around.
Jack Butala: She would for sure know that.
Jill DeWit: Yeah. It's really good.
Jack Butala: Anyway.
Jill DeWit: Okay, back to the question. I looked up the, I wanted to give the real definition here too.
Jack Butala: Versus the stuff that we usually talk about in this show.
Jill DeWit: Exactly. I'm going to really kid of keep it to business here today. The definitely of a deed of conveyance is a signed legal document that shows a title or deed has been transferred.
Jack Butala: It's a proof of ownership document.
Jill DeWit: Yep. It's used to prove ownership on a piece of property. The interesting thing is, just like a real deed, a deed of conveyance is signed, witnessed, and notarized by the seller and the buyer, as well as anyone with invested interested in the property being transferred. It's like a second copy of the real deed. Maybe the person was, for tax purposes, or maybe they're working on a loan or something. I don't know. They had to prove ownership and come up with a supporting document to prove ownership on the property. Instead of going to get the real deed, they just went and signed a deed of conveyance showing that, here's proof that I am an owner or I do own this asset, however it is.
Jack Butala: Doesn't that seem redundant to you?
Jill DeWit: It does. For whatever reason, they couldn't get their hands on the original one, and that's okay.
Jack Butala: There's a few reasons that could happen, it was destroyed. Let's say there was a fire at the county, and there's no more proof of this document at all. Is that likely? No. This whole thing makes me a little, this is a red flag for me.