Tax Sale Forum Replaces TaxSaleLists.com (CFFL 412)
Recording Location: LATITUDE / LONGITUDE: 33.788937, -118.410360
Jack Butala: Jack Butala and Jill Dewit.
Jill DeWit: Hello.
Jack Butala: Hey, welcome to our show today. In this episode, Jill and I talk about how TaxSaleForum.com replaces TaxSaleLists.com, and the two or three other surviving sources for back tax information on the internet. Let's get into it though before we do, let's take a question posted by one of our members on the Land Investors online community. It's free.
Jill DeWit: Cool. So Kathleen ... Hi Kathleen, wrote, "I have a buyer who wants to close their title. I haven't done this yet and I need to know the process and logistics. I'm working up a purchase agreement tonight. I will send the buyer the purchase agreement for signing after he makes a deposit through my website or bank wire transfer. Once I get the signed PA back from the buyer, then what? He's going to cover the cost of closing."
Jack Butala: Wow, Kathleen. You did everything right.
Jill DeWit: Yeah, this is wonderful.
Jack Butala: Great work.
Jill DeWit: I say, great. The purchase agreement ... I like it even before any monies changed hands, personally. Because it spells out all the details in there. But either way, what you're doing is fantastic. So in the purchase agreement, I would just make sure you put in there all the details, like he is covering the cost of closing. And how he's going to pay, and timing, and all the property information. Anything like that.
And then you're going to give that over to your title agent when you open escrow and start the whole process.
Jack Butala: Yes, so this is a great question. As always Kathleen, you always ask great questions. Before I would even put the purchase agreement together, the minute the guy said, "I really want to buy it this property, but I need to do it through title insurance", I would find a title company that wants to close a deal, that's geographically closest to the property. At least at this stage in your career. When you get to our point, where you have like one agent that covers a whole country, for a bunch of reasons but we're going to skip that for now.
During the first few deals, the first ten deals, let's say, you want to find a title agent that's real close to the property, and explain the whole situation to them. And this is what you're going to say. "I own a piece of property, I bought it free and clear, and I purchased it through a ... " I'm pretty much assuming that you purchased this by generating your own deed. You didn't purchase it through title insurance in the first place. Explain the whole situation. "There's no lender, I've took a down payment, a deposit through my credit card scenario, and will you please close this deal?" And nine times out of ten they're going to say, "Heck yes, thanks. We can do it real fast. This is easy."
There's no real estate agent. There's no lender. There's none of this stuff. They love these deals in general. But it's that tenth time you gotta be concerned 'cause this is a little bit out of the regular focus for, let's say a house deal, so they may refer you to somebody else.
So you want to secure that agent as soon as you can. Then they'll handle all this stuff for you. They'll do the purchase agreement. They'll make sure the deposit goes where ... They'll do all the work for you. You know, Jill and I teach this, do your own deal thing here at Land Investors but the price of title insurance is going down and down and down. We have members that are reporting doing deals with full blown deals for three and four hundred dollars which is never happened in my career.
Jill DeWit: I know.