All Forum Posts by: Account Closed

Title companies don't exist to provide you with a warranty deed or just to research taxes or current liens.....  They exist to provide you w/ protection against future claims against the title.  Claims that may arise because of recorded defects or a claim against the property that's not recorded anywhere.  You can't bring a "third party" in to protect you against such claims after the fact.  After the fact meaning- After you close.  Key words here are "third party" & "after the fact."   You can naturally defend yourself against any claims, but w/ Title Insurance the Title Company becomes your "third party" defender.  Title companies won't provide insurance w/o doing the due diligence research themselves.  

What you need to watch out for w/ Title companies are "junk fees".  We've challenged junk fees in the past.

 I'm pretty sure you're capable of doing anything you put your mind to. The realtor isn't doing anything you can't do, the loan originator isn't doing anything you can't do, the underwriter isn't doing anything you can't do, the lawyers aren't doing anything you can't do, the insurance broker isn't doing anything you can't do, the surveyor isn't doing anything you can't do, the home inspector isn't doing anything you can't do, the plumber or electrician isn't doing anything you can't do. 

The real question is "Is it worth it for you to do it yourself?". We would burn ourselves out if we tried to do everything ourselves. Title is one of those major things that I want no part of and I will gladly pay to have that  liability/responsibility fall in someone elses lap.

Unsecured lending.

That's awesome!  You sound like a business genius. I am sure lenders will be lining up at your camp ground, throwing millions $$ at you to fund your hotel empire. Just tell them how "easy" it for you to run a large hotel and you will have all the money you'll ever need.

BTW that's a clever strategy to ask for help on a forum and then insult the people who respond.

You should definitely use that technique and insult your bankers and call them "stupid" or "retard" if they pose a difficult question. That's a great way to impress people.

Keep up the awesome work.

If you were sharp, you would increase your hours 20 fold to 60 per week and then you would have that hotel down payment in no time...............

 What sort of annual revenue does your trailer park generate?

Assuming someone loans you enough to buy a hotel, what qualifications will you require for your general manager? Would a candidate be qualified to run a multi-million $ property who's main experience consisted of running a trailer par for 3 hours/ week?

Cash? Retire on a third world country like Philippines, Vietnam, or Ecuador. Where $1000/month is too much to cover for food, gas, utilities, 24 hour on-call house cleaner and personal assistant, plus a driver. Houses at 70,000 gets you a newly built 5,000 sq ft house with 3 acres of land near the highway. Live 60 years like a king. Boring? Build a business to support $1,000/month with 40k.

John, if you are a cash buyer you can do most of what they do. If you need any sort of financing, then it is not worth arguing about. No lending institution including every HM or private lender I have ever worked with will require it. From your own standpoint if you are willing to lose a property to an unexpected claim or lien against the title then go for it. Title insurance is no different than buying life or health insurance. You are not required to get it but rather you are gambling that you won't need it. If you purchase title insurance and an unrecorded lien etc. shows up then the title company will fight it and if they don't win they will pay out the policy. They also know how to solve title issues that most of us don't know about until it smacks us in the face. I used to work the wholesale side of mortgages and I can tell you I had more deals fall apart due to clouded title issues than from any other single thing.

@Melissa Johnson

you may want to read some of his other threads before engaging too much further...

@Account Closed, its this simple, you will not be able to do real estate as a business without title insurance.  You will not get loans from banks without it, you will not be able to sale property without it.  There was a time folks used abstracts.  You had a book of all the past deeds in your chain of title to prove that your chain of title to you was in good shape.  I am unaware of any states that still use those.  Title insurance is PROOF of good title.  Its like driving a car, its illegal in all states to not have insurance.  If you waste your time arguing over this you will not get to the next step.